As one of the nation’s busiest regions for agriculture and oil production, Bakersfield CA is growing by leaps and bounds. Its population is estimated to surpass the 1 million mark by 2020. So, investing in property, whether for a residence or rental, could be a wise move.
Since last year, the average price per square foot is up to $91, which reflects a 12.3% increase. Median sales prices for single-family homes are also up in the y-o-y analysis by a significant 22.8%, or $29,369. Unfortunately, home sales are currently down from last year by 21.9%.
A recent survey query from the Bakersfield Association of Realtors, which polled real estate agents, was, “Please indicate the major source of your business during the last 12 months.” Of the 293 respondents, 254 stated that it was in residential and traditional sales. Of those sales, 221 answered that distressed residential properties made up the bulk of their business. According to Trulia, there are now around 3,286 homes in some stage of foreclosure or auction.
For the week ending January 1st, Trulia reported that the average listing price in Bakersfield was $238,365. From Movoto’s site, the median DOM (days on market) through January 1st was 82, which is better than last year’s figure of 92.
If you are considering a property purchase here, keep in mind that along with being known as “California’s Country Music Capital,” the Bakersfield area is also hugely involved with agriculture. Much of the country’s supply of certain citrus fruits, almonds and grapes are produced right here in the San Joaquin Valley. Looking into properties eligible for financing with a USDA Rural Housing loan, would definitely be worthwhile!
For those in search of a more traditional neighborhood, here’s a look at some of Bakersfield’s most popular choices along with the most current median sales price:
City in the Hills: $219,500
Campus Park: $229,500
Seven Oaks at Grand Island: $517,000
Seven Oaks: $336,00
Stone meadows: $202,250