Bakersfield Real Estate Prices Rebound to $400k in April 2024
The real estate market in Bakersfield, California has shown varied changes from May 2023 to April 2024, with fluctuating property values, sales volumes, and per-square-foot prices. The trends in surrounding cities highlight the distinctive dynamics of each local market.
Key Takeaways
- Bakersfield's average property value rebounded to about $400k in April 2024 after a December 2023 low.
- The average sale price was $359,500 in April 2024, below the $399,990 average value.
- Sales peaked at 5,451 in October 2023; 4,317 sold in March 2024.
- Per-square-foot value reached $231 in April 2024.
The Changing Landscape of Bakersfield Real Estate
The average property value in Bakersfield has seen an upward trajectory from May 2023 to April 2024. Starting at an average of $423k, prices dipped to their lowest at $360 by December of last tear. However, prices rebounded to an average of $400k in April 2024.
Regarding the specifics of property pricing, the per-square-foot value is a key indicator. This figure also displayed an increase over the same period, beginning at $220 and slightly decreasing to $221 by November 2023. It’s notable that by April 2024, the per-square-foot value had escalated to $231, suggesting that space within properties in Bakersfield is becoming more valuable.
Variability was also present in the volume of properties sold. October 2023 marked a high, with 5,451 properties sold, while March 2024 saw a reduced figure of 4,317 properties changing hands. These shifts can be indicative of changing market conditions, buyer confidence, and availability of finance options.
Comprehensive Evaluation of April 2024 Data
Bakersfield, CA Real Estate Market Overview
| Zip | Median Est. Value | Zip | Median Est. Value |
|---|---|---|---|
| 93308 |
$ 349,000 $ 230/sqft |
93313 |
$ 408,500 $ 214/sqft |
| 93306 |
$ 353,037 $ 216/sqft |
93309 |
$ 349,754 $ 207/sqft |
| 93311 |
$ 478,625 $ 227/sqft |
93304 |
$ 294,250 $ 222/sqft |
| 93312 |
$ 449,000 $ 228/sqft |
93305 |
$ 287,750 $ 209/sqft |
| 93314 |
$ 566,217 $ 232/sqft |
93301 |
$ 340,750 $ 241/sqft |
Frequently Asked Questions
What is the average home price in Bakersfield?
In April 2024 the average property value was $399,990 and the average sale price was $359,500.
Which Bakersfield ZIP codes are most expensive?
93314 had the highest median estimated value at $566,217, followed by 93311 at $478,625.
About the author: Manuel Martinez
RealtyTrac contributor
Manuel Martinez is a contributor to RealtyTrac who writes about local housing markets, home buying and real estate investing. He has written for RealtyTrac since 2013, covering city and state market reports, home buying guides and tips, investment financing and strategies for buying and flipping homes.
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