Is Bakersfield, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Bakersfield is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, Bakersfield was a Seller's Market.

Key Takeaway

Bakersfield is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices

How much do homes in Bakersfield, CA cost?

Median Sold Price

$362,500

$222/sqft

Based on all homes sold in August 2023.

Difference Since Last Month

-$37,500(-9.4%)

Key Takeaway

Homes in Bakersfield have sold for 9.4% less than they did a month ago.

Summary: The median home sold price in Bakersfield was $362,500 in August 2023, down 9.4% from last month, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 -$143K
N/A
2 $210K$257.5K
+22.6%
3 $364.9K$335K
-8.2%
4 $434.5K$440K
+1.3%
5+ $1.0M$545K
-49.7%

Summary: Bakersfield housing prices by bedroom type for August 2023 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.6%, 3 bedroom homes decreased by 8.2%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 49.7%.

Median Sold Price Compared To Nearby Cities

Greenfield-Panama
+25.8%
Bakersfield
-9.4%

Housing Supply

How many homes are available in Bakersfield, CA?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
216373+72.7%

Summary: The Bakersfield real estate market had 373 homes for sale in August 2023, a 72.7% increase compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 13
+200.0%
2 2744
+63.0%
3 82163
+98.8%
4 82122
+48.8%
5+ 2441
+70.8%

Summary: The Bakersfield housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 63%, 3 bedroom homes increased by 98.8%, 4 bedroom homes increased by 48.8%, and 5+ bedroom homes increased by 70.8%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE
5154+5.9%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

21 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Bakersfield, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.

Summary: A total of 54 homes were sold or pending in Bakersfield in August 2023, up by 5.9% month-over-month. Of the 54 sold homes, 35% were sold under asking, 26% were sold at asking, and 39% were sold over asking.

Days on Market

How long does it take to sell a home in Bakersfield, CA?

Average Sale Time

Jul 2023Aug 2023CHANGE
28 Days29 Days+3.0%

Summary: Homes in Bakersfield had an average of 29 days on market in Aug 2023, up by 3% compared to last month.

Breakdown of Home Sale Times

40 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Bakersfield are selling fast, if you're buying plan to act quickly.

Summary: During August 2023, 54 homes were sold in Bakersfield; 74% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 25 Days Ago

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Nearby Markets

What housing markets are near Bakersfield, CA?