In 2024, the Beverly Hills real estate market continued to adjust from the highs of 2021 and 2022, with average sales prices falling to $31M, down 19% from $39M in 2023. This drop brings prices closer to pre-pandemic levels, aligning with the 10-year average of $31M.
Highlights
Prices near pre-pandemic levels at $31M
DOM drops to 515, signaling faster sales; however, is 47% longer than US average
Sellers achieve just 83% of the listing price, and less for those with longer listing periods
While the decline seems significant, it may reflect a natural correction rather than a cause for concern; time will tell. Beverly Hills remains a standout market for pricing, with average sale prices well above the regional average of $18M.
Activity is picking up
The market also shows increased selling activity, with the average Days On Market (DOM) dropping to 515 in 2024 from 722 in 2023. While this is still higher than the 10-year average of 434 days, the decrease means that properties are moving faster than they did in recent years. Sellers are also achieving stronger outcomes, with properties selling at 83% of their listing price in 2024, a notable improvement from 69% in 2023. Notably in 2023, none of the top 10 sales sold in under 180 days. This progression indicates that buyers and sellers found common ground around pricing more effectively, contributing to a more balanced market.
See if your property qualifies for auction.
Expand your pool of luxury buyers
Get a tailored marketing campaign
Speed up property sales