Bakersfield, population 377,917 (2019) and growing.
For as long as I’ve been working here (since 2010), Bakersfield has been extremely popular with investors. Whether one is looking to flip, or aspires to build a portfolio of rentals, Bakersfield’s dynamics are ideal for meeting one’s goals. For example, 25% percent of households in Bakersfield, CA. are renting their home (RENTcafé). With a massive pool of renters constantly churning, demand for rentals has always been high, and continues to squeeze higher. Although values are up significantly from last year (see info. below), Bakersfield remains one of the more affordable cities in California. This has buyer and renters alike, flocking to Bakersfield in droves. Let’s look at the data.
Current year to date (Jan. 1, 2021 to May 31, 2021) sales are at 2,980, which is up 33% from the same timeframe in 2020.
Price per square foot for the current year to date is sitting at $176, up 15.8% from the same timeframe in 2020.
Note: In May 2021 the price per square foot is at $186, up 21.6% from May 2020.
The average days on market for the current year to date is just 21 days, which is down 36.4% from the same timeframe last year.
The average sold price for the current year to date is $326K which is up a whopping 19% from the same timeframe last year!
At our current burn rate, the remaining months of inventory sits at just 0.6, down a mind-blowing 65.6% from this time last year.
Despite being in such an aggressive seller’s market, we’ve been able to secure homes for our buyers and beat out multiple offers in the process. If you’re looking to buy or sell, or if you just have questions about the market, we’d love to help you. Give us a call today!