Livermore makes list of hottest ZIP codes in U.S. for home buyers — but Bakersfield has it beat

The Tri-Valley city ranked 44th in new report; Bakersfield is ahead at No. 24

Despite rising mortgage rates, which have dampened sales of existing homes, at least one Bay Area city remains a buyer hotspot.

According to a new Realtor.com report, Livermore is the 44th most desirable ZIP code in the country. The city of Tri-Valley was one of two in California to make the list. Bakersfield, in Kern County, north of Los Angeles, was ranked 24th.

What is the most popular ZIP code in the country? It’s 43230, also known as Gahanna, Ohio, and is located in the Columbus metropolitan area. In June, the median listing price for a home on the real estate website was $351,000.

According to the report, affordability, location, and bang for your buck are driving the highest concentration of buyer interest across the country, with markets in the Midwest and Northeast ranking highest.

According to Hannah Jones, senior economic research analyst for Realtor.com, Livermore was the highest-priced ZIP code on the top 50 list, with a median listing price of $1.4 million.

However, while the median listing price in Livermore was slightly higher than the surrounding San Francisco metro area, Jones stated that “homes were priced 13.9% lower per square foot than the metro’s median in June.”

“This ZIP code drew more than double the attention per property compared to the surrounding metro area, and homes spent more than a week less time on the market than the typical San Francisco metro home,” she explained.

Leslie and Don Faught, East Bay real estate professionals, estimate that the price per square foot in Livermore is around $700. That’s more competitive than Pleasanton, Livermore’s neighbor, where the approximate price per square foot ranges from $1,000 to $1,100.

A vibrant downtown scene, nearby wineries, and work-from-home policies that give employees some leeway in where they live are also contributing factors driving demand in Livermore, which continues to see low inventory because some homeowners do not see a benefit selling their homes as interest rates rise, according to Leslie Faught, a realtor and member of the Bay East Association of Realtors’ local government relations committee.

According to Don Faught, a managing broker for Compass, homes in Livermore receive about 12 offers on average. He also stated that there has been an increase in cash buyers who are avoiding high interest rates.

“We’re kind of a hidden jewel,” he explained.

What about Bakersfield, the other hot ZIP code on Realtor.com‘s list?

Affordability, quality of life, and the prospect of having more discretionary income, according to William Gordon of Gordon Team Realty in Bakersfield, are attracting some buyers to the region, which also offers nonstop flights to San Francisco, Denver, Phoenix, and Dallas.

“It’s a lot more connected than it has been in the past,” Gordon said, adding that the city also has a downtown area where businesses such as restaurants and bars take risks that are rewarded by the community.

“Nobody plans to end up in Bakersfield,” he explained. “However, once people arrive here, they either quickly realize it’s not for them or stay for an extended period of time.”