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24/7 Wall St.: American Cities Where Homes Sell Fastest

5. Bakersfield, Calif.

Average no. of days on market: 44
Median home price: $149,500 (23rd lowest)
Population: 839,631 (60th lowest)

Bakersfield joins many other California cities in selling homes fast, but houses in the area are not likely to have San Francisco-like prices. The median home price of $149,500 is the lowest on this list, except for Detroit, and only a little more than a fifth of the median price of a San Francisco house. Only 1,815 houses were listed on the market, a decline of more than 47% from a year earlier. Meanwhile, the 44 days on the market is a drop of 22.8% from a year ago, compared to the national average of 9.67%. The labor market is far weaker in Bakersfield than it is in some of California’s healthier local economies, with an unemployment rate of more than 14% in June, compared to about 7.5% in San Francisco and 8.2% in the United States.
(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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