What’s Next for the Bakersfield Housing Market After the Election?
What’s Next for the Bakersfield Housing Market After the Election?
Now that the election is over, many people are asking the question, "What will happen to Bakersfield's housing market?" If history tells us anything, it's that the housing market often stabilizes + improves after an election.
The good news is that this already seems to be happening! That's great for both buyers + sellers.
A Steady Climb
Bakersfield’s housing market is continuing to grow at a steady pace. As of the time of this writing (November 2024), there are 870 active single family homes with the average value of $404,000, which is up by about 4.6% from last year. The average square foot price for homes sold has been $227 per sq ft. Compared to other California cities, Bakersfield's housing market remains relatively affordable, making it an appealing option for families looking to purchase their dream home.
If you’re looking to buy, you’ll be happy to know that new houses continue to pop up on the market. And if you’re selling, there’s plenty of demand, meaning you can get a great price. With just a touch over 30 days being the average timeframe a home for sale is on market, Bakersfield real estate is thriving and highly active.
Pro Tip: If you’ve been thinking about buying or selling, this might be your chance to benefit from these great conditions. We’d love to help you take the next step – reach out to us using the form below.
➲ Why Bakersfield Real Estate?
Our lovely city stands out from the rest of the Golden State for one big reason - affordability. California is not a cheap state to live in, with soaring costs in cities like Los Angeles + San Francisco. Bakersfield, on the other hand, gives you a chance to enjoy California living without draining your bank account.
But housing prices aren't the whole story. Bakersfield's strong job market + growing economy are also key reasons why people are moving here. Families from all over the state, from LA to Fresno to Southern California, are making Bakersfield their home.
Not convinced yet? We’ve written another blog post highlighting all the reasons Bakersfield might be the perfect fit for you. (Check it out here!)
➲ Young Buyers Face Challenges (But There’s Hope)
Buying your first home isn’t easy. A lot of young buyers feel stuck trying to save a 20% down payment, especially with rising costs happening everywhere right now. And it doesn’t end there. All-cash buyers (such as investors or experienced homebuyers) can often swoop in quickly, leaving younger buyers at a disadvantage.
But don’t count yourself out just yet. Since Bakersfield’s home prices are still lower than in other parts of California, it helps make it possible for more people, especially young adults to buy their first home - and even their dream home. Programs at the state + local level, like assistance for first-time homebuyers, can also help by lowering the upfront costs. Many people don’t use these programs simply because they aren’t aware of them—don’t make the same mistake!
➲ A Shift in Buyer Demographics
The buyer demographics in Bakersfield - and all over the country - are changing. Here are two trends we’re noticing:
❭ All-Cash Offers on the Rise
All-cash purchases are becoming more common, especially among investors who want to avoid mortgage delays. For sellers, this means quick, hassle-free transactions. But for buyers relying on traditional financing, it adds pressure to move quickly!
❭ Older First-Time Buyers
Did you know that the average age of first-time homebuyers in the U.S. recently rose to 38? People are taking longer to save + are waiting until they're financially established to enter the market. This shift is reshaping the way people buy homes, with more focus on long-term investments rather than starter homes.
➲ What About Rentals?
For some, renting might be the better short-term option. If you’re not ready to buy yet, staying in the rental market can give you more time to save up.
⚠ Heads-up for Renters: Keep an eye on the housing market. If rent prices continue to rise, buying could save you a lot in the long run. Don't get stuck paying more in rent than you would for a mortgage! When you’re ready to explore your options, reach out to us.
➲ What Should We Expect Moving Forward?
Nobody can say exactly what’s going to happen next, but Bakersfield’s housing market seems to be steady + growing bit by bit. Unlike other cities in California that swing wildly, Bakersfield’s consistency makes it a safe pick for families looking to find their dream home.
One thing that’s been drawing attention is the new real estate commission structure. However, it hasn’t caused any notable impacts to the market, which is good news for everyone.
Do you have any specific questions about how this could affect you? Shoot us an email—we are happy to provide some clarity!
Active Listings
Want a sneak peek at what’s currently on the market in Bakersfield? Here are some listings currently for sale in the area:
Still Have Questions? We Have Answers!
If you’re looking for more details about the housing market, or homes for sale in Bakersfield, don’t hesitate to reach out. We’d love to answer your questions + help you take the next step, whatever that may look like.