Beverly Hills is among the most coveted addresses in the country, with arguably the most well-known ZIP code. But with the typical house in the 90210 (or the rest of the city) costing millions of dollars, home buyers can use some assistance in the high-stakes Beverly Hills realty market.
Utilizing March 2016 information from the property site Agent Ace, NerdWallet analyzed Beverly Hills market patterns. If you’re preparing to buy there, here’s exactly what you need to understand about the local housing market.
Property market in Beverly Hills
It’s clear Beverly Hills is expensive, but what should you expect to spend? Will you have to pay more than the asking rate? Here’s a take a look at the Beverly Hills property market.
Is it a buyer’s or seller’s market?
Beverly Hills has recently ended up being a seller s market. In January, the city was a buyer’s market with 187 houses for sale. Now, with fewer houses available and a slightly more aggressive market, Beverly Hills resembles one that’s more desirable for sellers.
Most-popular homes in Beverly Hills
Single-family houses topped the marketplace, with Spalding Drive leading the pack as the hottest street for sales in March. Condominiums likewise offered well that month, although few town houses were acquired.
The length of time are houses on the marketplace?
Most of homes in Beverly Hills offered quickly in March, and three changed hands in less than a month. But over 40% took more than 3 months to sell.
The length of time are listings active?
In March, 40 homes listed for sale, and numerous other existing listings continued to await buyers. The median time a listing was active before a sale was 74 days in March, a slight boost over the previous month. March and February saw the time in between a listing and sale fall substantially since January, an indication that the market is warming up.
Purchasing a home in Beverly Hills
You re sold on the city, but just how much will you have to hand over for a home? The problem: It’s a lot, but there’s still a possibility you can pay under the asking rate.
How much did purchasers pay?
Regardless of above-average need for houses in Beverly Hills, a number of home purchasers were able to buy at less than the asking cost. Of the 29 properties sold in March, only 6 deals were above the asking price. Of those, one home cost more than $500,000 above the asking price.
Cost of a Beverly Hills home
The normal home in March listed at $3.7 million, a dip from the previous month, when the mean home cost was over $5 million. Houses are likewise available at asking costs of over $10 million in Beverly Hills.
Can you manage Beverly Hills?
So you’ve been imagining residing in Beverly Hills. But do you understand how much home you can pay for? Try our home price tool to identify just how much you can invest in a house. If you re relocating to Beverly Hills or the Los Angeles location, check out our cost of living calculator.