Situated between Los Angeles and Santa Monica, Beverly Hills is home to some of the most sought-after luxury real estate in the world. The neighborhood’s over-sized reputation is synonymous with style, fame, and wealth—all of which lends itself to why Beverly Hills real estate and condos are such a great investment for luxury buyers. The neighborhood and its prestigious zip code are perpetually in demand, and thus the value of Beverly Hills properties continues to rise.
When committing to investment in Beverly Hills real estate, it’s crucial that you and your realtor are as educated as possible on the current market trends of your new neighborhood. The more you know about the Beverly Hills housing market, the more confident you can be in the value of what you’re purchasing. The details below are an overview of what you can expect from the Beverly Hills real estate market in 2022.
Beverly Hills real estate market trends
The median home price in Beverly Hills trended upwards significantly in 2021. The median home price was $2,580,000 at the beginning of the year but increased to $3,510,000 by year’s end. 2021 also saw an all-time high in Beverly Hills home prices, where the neighborhood’s average sales price reached $4,275,000.
Currently, Beverly Hills real estate continues to tick up in value. If you buy early this year, there’s a strong likelihood that you may experience a sudden increase in your home’s value in the short term, rather than a sudden decrease due to broader market trends.
The Federal Reserve is expected to raise interest rates several times this year which will translate to an increase in mortgage interest rates for all buyers. Ideally, you want to buy a Beverly Hills luxury home before this happens, so you don’t pay more in interest than you need to over the life of your investment. This, combined with the fact that the cost of homes is expected to increase this year means that the sooner you buy Beverly Hills real estate, the less you’ll have to pay.
Consumer confidence has taken a bit of a hit in recent months but was doing very well for most of 2021. Consumer confidence will likely be back on the rise in 2022 as the warmer months arrive. It may be in your best interest to buy sooner rather than later as this current dip in median home prices in Beverly Hills presents an opportunity to buy when prices are slightly lower, interest rates are at rock bottom, and there’s a high likelihood of appreciation in the short term.
Currently, Beverly Hills real estate continues to tick up in value. If you buy early this year, there’s a strong likelihood that you may experience a sudden increase in your home’s value in the short term, rather than a sudden decrease due to broader market trends.
The Federal Reserve is expected to raise interest rates several times this year which will translate to an increase in mortgage interest rates for all buyers. Ideally, you want to buy a Beverly Hills luxury home before this happens, so you don’t pay more in interest than you need to over the life of your investment. This, combined with the fact that the cost of homes is expected to increase this year means that the sooner you buy Beverly Hills real estate, the less you’ll have to pay.
Consumer confidence has taken a bit of a hit in recent months but was doing very well for most of 2021. Consumer confidence will likely be back on the rise in 2022 as the warmer months arrive. It may be in your best interest to buy sooner rather than later as this current dip in median home prices in Beverly Hills presents an opportunity to buy when prices are slightly lower, interest rates are at rock bottom, and there’s a high likelihood of appreciation in the short term.
Condos in Beverly Hills
Beverly Hills offers prospective residents a great variety of real estate, ranging from mansions in gated communities to condominiums in high rises that overlook Los Angeles. Beverly Hills condos are as strong of an investment as the neighborhood’s houses. And while you may be limited in the ways in which you can increase the value of your property when buying a condo, the location itself is just as coveted by other buyers, and your location still provides convenient access to all the luxuries of Beverly Hills. You might not be able to change the foliage in the front yard, add another wing, or undertake a huge remodel, but you can still renovate the interior with paint, furniture, and projects.
A condominium may be a better option in terms of convenience, as well. If you’re looking for a second home, a rental property, or somewhere to spend your vacations, then a condominium provides a superb low-maintenance option. Additionally, you won’t be required to pay for the year-round upkeep that a larger home in a gated community requires. If you’re interested in buying Beverly Hills real estate with the intent to flip, a condominium gives you a better opportunity to make money while still making mortgage payments. As one would expect with the neighborhood’s high home prices, rent in Beverly Hills is also very high. Thus, many condominium owners rent out their property and generate passive income. And all the while, the condominium would continue to increase in value, building toward a larger profit margin from your future sale. If you’re not interested in the responsibility that comes with being a landlord, then you can still rent out your home with home-sharing apps like Airbnb—given that the building permits such arrangements. Beverly Hills condos on Airbnb can go for over $100 per night. Use your Beverly Hills condo when you want to, enjoying the views and being within walking distance of the best shopping in the world on Rodeo Drive—and make money when you’re not using it.
A Beverly Hills condominium offers everything you could want in terms of proximity to Los Angeles, as well as a luxury setting, and a lower price point. Best of all, Beverly Hills condos will improve alongside the rest of the neighborhood’s luxury housing inventory.
A condominium may be a better option in terms of convenience, as well. If you’re looking for a second home, a rental property, or somewhere to spend your vacations, then a condominium provides a superb low-maintenance option. Additionally, you won’t be required to pay for the year-round upkeep that a larger home in a gated community requires. If you’re interested in buying Beverly Hills real estate with the intent to flip, a condominium gives you a better opportunity to make money while still making mortgage payments. As one would expect with the neighborhood’s high home prices, rent in Beverly Hills is also very high. Thus, many condominium owners rent out their property and generate passive income. And all the while, the condominium would continue to increase in value, building toward a larger profit margin from your future sale. If you’re not interested in the responsibility that comes with being a landlord, then you can still rent out your home with home-sharing apps like Airbnb—given that the building permits such arrangements. Beverly Hills condos on Airbnb can go for over $100 per night. Use your Beverly Hills condo when you want to, enjoying the views and being within walking distance of the best shopping in the world on Rodeo Drive—and make money when you’re not using it.
A Beverly Hills condominium offers everything you could want in terms of proximity to Los Angeles, as well as a luxury setting, and a lower price point. Best of all, Beverly Hills condos will improve alongside the rest of the neighborhood’s luxury housing inventory.
Searching for Beverly Hills real estate?
Beverly Hills is home to some of the most valuable houses in the country, and it’s likely that values will continue to increase in 2022. A slight dip in the median home price means that now might be a great time to buy in order to get the largest return possible on your investment. When you’re ready to start the process of buying or selling Beverly Hills real estate, contact local real estate agent Dean Mandile for keen market analysis, swift negotiation, and personalized customer service.
