93314, Bakersfield, CA

Home Equity and Home Prices in the 93314 Zip Code of Bakersfield, CA

There is no doubt that home equity is one of the most important assets a person can have. It gives people the ability to borrow money against their homes, pay off debt, and save for their future. In addition, home prices are often a good indicator of the overall economy in a given area. So it's important to understand how home equity and home prices are changing in the 93314 zip code of Bakersfield, CA.

According to Zillow, as of September 2017 the median home value in this zip code was $269,000. This is up from $242,500 as of September 2016. This indicates that there has been an increase of about 10% in home values over the past two years. However, this does not tell the whole story. The average sale price for homes in this zip code has also increased by about 12%. This means that while there has been an increase in median values over the past two years, there has also been an increase in average sale prices which means that more people are able to purchase homes at or near market value.

So what's driving these increases? There are a few factors at play here:

1) Population growth - The population growth rate for Bakersfield is currently 2%. This means that there are more potential buyers looking to purchase homes than there were two years ago. 2) Low interest rates - Interest rates have remained relatively low throughout most of 2017 which has helped drive up house values. 3) Strong economic conditions - While it's impossible to predict what will happen with interest rates down the road, it seems likely that they will eventually rise which would lead to a decrease in house values (although this could take some time). 4) Supply and demand - There simply aren't as many available homes for sale right now compared to two years ago due to all of these factors mentioned above (and others). As a result, house prices have increased relative to other areas within Bakersfield (and across California).