In late 2024, the Bakersfield metro area experienced year-over-year (YoY) home value growth of 4.9%. Home values increased from $338,559 in 2023 to $355,203 in 2024, indicating a stable and growing market. This also suggests that the market remained strong with balanced inventory and moderate price adjustments, despite challenges like changing mortgage rates.
According to the data available on Reventure App, the Bakersfield housing market reached 1,855 homes for sale by the end of 2024. It’s important to note that the number of homes for sale in Bakersfield was 1,407 in 2023, highlighting an increase in available inventory compared to the previous few years.
The increased number of homes for sale positions Bakersfield, CA, as an attractive place for buyers and investors. However, it indicates home price growth could slow in 2025.
Bakersfield, CA Home Value Growth YoY Analysis
Bakersfield, CA, has experienced significant fluctuations in home value growth year-over-year over the years. After a steep rise, peaking at 32.8% in 2005, the 2008 housing crisis caused values to drop sharply by -20.2%. Recovery followed, with consistent growth levels from 2014 to 2019 ranging between 5% and 7%. During the pandemic, inventory shortages and increased demand caused growth to accelerate, peaking at 18.2% in 2021.
Bakersfield home values grew 4.9% YoY in 2024. Access the house value growth YOY graph of Bakersfield, CA here. [Link]
As of 2024, Bakersfield showed a stable 4.9% YoY growth, with home values increasing from $338,559 in 2023 to $355,203. In the last five years, the market has grown by 54.6% reinforcing the metro’s position as a resilient housing market. Therefore, Bakersfield, CA, has become an attractive option for homeowners and investors seeking stability and long-term value in California’s real estate market.
Factors Impacting Home Value in Kern County
Kern County is the sole county in Bakersfield, CA, and home value growth in the county is influenced by multiple factors including supply and affordability. In late 2024, the number of homes for sale in the county reached 1,855, reflecting an improving supply in the market. However, affordability has become a growing challenge in the county, as the salary required to afford a home is $94,300 annually. This is driven by rising mortgage rates, higher housing costs, and a persistent inventory shortage during the pandemic.
Kern County shows a 4.9% YoY increase, with home values at $355,213. Access the home value map of Kern County here. [Link]
From 2020 to 2022, the supply of homes for sale was exceptionally low, causing prices to surge significantly. Despite recent improvements in inventory, prices have not returned to pre-pandemic levels. According to the data on Reventure App, the monthly mortgage payments in Kern County have also risen significantly to $2,357, indicating the impact of increased interest rates.
Moreover, local economic factors, such as employment opportunities and income levels, also play a critical role in shaping demand. However, despite these factors, Kern County’s housing market is resilient and has balanced supply and demand, supporting continued price stability and growth.
Bakersfield, CA Housing Market Predictions for 2025
The Bakersfield, CA housing market is predicted to remain stable in 2025, as the home price forecast score available on Reventure App is 51 out of 100, indicating stability with an upward tilt. It’s important to note that a score below 45 denotes a declining market, a score between 45 and 55 represents stability, and a score above 55 indicates an appreciating market on Reventure App.
Bakersfield’s 2024 forecast score of 51 indicates a stable housing market. Access the home price forecast score chart of the Bakersfield Metro here [Link]
Therefore, although the score slightly dropped compared to previous months, buyer activity is expected to remain consistent in the metro, with relatively short days on the market and fewer price cuts. As a result, the market is unlikely to experience significant declines overall and should have stable prices in 2025. Explore the housing market data at the ZIP-code level on Reventure App if you want a detailed analysis of the Bakersfield, CA metro.
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