The Bakersfield, CA metro area housing market in February 2025 presents a dynamic landscape with notable shifts in pricing, inventory, and sales activity. The Median Sales Price has increased to $386,000, reflecting a year-over-year (YoY) growth of 2.9%. This upward trend is mirrored in the Median List Price, which stands at $399,000, marking a 3.6% increase YoY. These figures suggest a steady appreciation in home values, albeit at a moderate pace.

Price Per Square Foot metrics also indicate a rise, with the median Price Per Square Foot reaching $230.68, up by 2.5% YoY. The Median List Price per square foot has seen a more pronounced increase of 3.9%, now at $236.55. These increments highlight a consistent demand for residential space in the region.

Despite the positive pricing trends, the number of Homes Sold has slightly decreased by 0.4% YoY, totaling 534 units. Pending Sales have also dipped by 0.8% YoY, with 701 transactions in the pipeline. This decline in sales activity may be attributed to the increased inventory, which has surged by 10.4% YoY to 1,572 homes. The Months of Supply have expanded significantly by 20.0% YoY, now at 2.9 months, indicating a shift towards a more balanced market.

New Listings have risen by 3.1% YoY, reaching 759, suggesting that sellers are responding to the favorable pricing environment. However, the Median Days on Market have increased by 6.0% YoY to 43 days, indicating that homes are taking slightly longer to sell compared to the previous year.

The average sale to list ratio remains robust at 99.0%, with a slight YoY increase of 0.6%. The proportion of Homes Sold above list price has grown by 6.3% YoY, now at 32.8%, reflecting competitive bidding in certain segments of the market. Conversely, the percentage of Price Drops has risen by 11.3% YoY to 30.0%, suggesting that some sellers may be adjusting expectations to align with market conditions.

Interestingly, the percentage of homes going off the market within two weeks has decreased by 5.7% YoY to 33.5%, indicating a potential cooling in the speed of transactions. This could be a result of the increased inventory and longer days on market.

Overall, the Bakersfield housing market in February 2025 exhibits a complex interplay of rising prices and increased inventory, with a slight slowdown in sales activity. Buyers and sellers alike should remain vigilant and adaptable to the evolving market dynamics.