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🏡 January 2024 Luxury Real Estate Market Update & Trends for Brentwood 🌟

🏡 January 2024 Luxury Real Estate Market Update & Trends for Brentwood 🌟

By Christophe Choo Posted Feb 20, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 January 2024 Luxury Real Estate Market Update & Trends for Brentwood 🌟

⚪️ Avg Sales Price: $4.84 million, no change 0%

🔻 Avg List Price $9.02 million, 📉 down 3% Room for negotiation

🔻 Properties Sold: 7, 📉 down 43%

🔻 Days on Market: 27 📆, 📉 down 42%

🔻 $/Sq FT: $1,275, 📉 down 1%

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Nestled west of the 405 Freeway, Brentwood is an enclave of Los Angeles that exudes both the sophistication of a cosmopolitan neighborhood and the tranquility of a country retreat. Close to the scenic Pacific Palisades and a stone's throw from the beach, Brentwood is a magnet for those seeking the best of LA's lifestyle. This community is not only renowned for its top-tier schools but also for its exquisite dining, boutique shopping, and, notably, a more laid-back vibe compared to its neighbor, Beverly Hills. The iconic Brentwood Country Mart underscores the area's blend of upscale living with a touch of rustic charm, making it a unique spot in the LA real estate tapestry.

As we dive into the January 2024 market data, Brentwood's real estate landscape presents a mix of stability and dynamic movement, reflecting the area's enduring appeal. The average selling price in Brentwood has held steady at $4.84 million, a testament to the area's desirability and the high value of properties here. Interestingly, the average list price saw a slight adjustment, dipping by 3% to just over $9 million, indicating a moment of opportunity for negotiation in this prestigious market.

The beginning of 2024 witnessed a reduction in the number of properties sold, with seven transactions recorded in January, marking a 43% decrease from the previous period. This dip could be attributed to the seasonal ebb and flow typical in real estate markets, yet it also highlights the exclusivity and high demand for homes in Brentwood.

One of the most striking figures is the significant decrease in days on the market, which plummeted by 42% to an astonishingly quick 27 days. This rapid turnover rate is among the shortest in the Westside area of LA, underscoring the high demand and fast-paced nature of the Brentwood real estate market. Potential buyers in Brentwood need to be ready to act swiftly when they find their dream home.

The average price per square foot in Brentwood stands at $1,275, placing it on the higher end of the spectrum in the LA area. Despite a modest 1% decrease from the previous 90 days, this figure reflects the premium quality of homes and the luxurious lifestyle that Brentwood offers.

For those enchanted by the blend of city convenience and country charm, Brentwood represents an ideal choice. Whether you're drawn to its exceptional educational institutions, the local culinary and shopping scene, or the serene atmosphere that sets it apart from Beverly Hills, Brentwood is a community that offers a distinguished living experience in Los Angeles.

In conclusion, Brentwood continues to shine as a beacon of luxury and relaxation in the bustling city of Los Angeles. With its prime location, rapid market movement, and slight adjustments in listing prices, now might be an opportune time to explore what this prestigious neighborhood has to offer. Whether buying or selling, staying informed about the latest trends and market dynamics in Brentwood is crucial for making educated real estate decisions in this ever-evolving landscape.

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