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🏡 May 2024 Luxury Real Estate Market Update & Trends for Beverly Center – Miracle Mile 🌟

🏡 May 2024 Luxury Real Estate Market Update & Trends for Beverly Center – Miracle Mile 🌟

By Christophe Choo Posted Jun 27, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 May 2024 Luxury Real Estate Market Update & Trends for Beverly Center - Miracle Mile 🌟

🔻 Avg Sales Price: $2.43 million, 📉 down 7%.

🔼 Avg List Price $2.98 million, 📈 UP 4%

🔼 Properties Sold: 14, 📈 UP 68%

🔼 Days on Market: 36 📆, 📈 UP 24%

🔻 $/Sq FT: $977, 📉 down 1%.

Unlock the hidden wealth in your Beverly Center Miracle Mile property! 🗝️💼 Curious about your home equity 💰? Thinking of buying in Beverly Center? 🏠🌴 Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights!

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The Beverly Center - Miracle Mile area of Los Angeles is a vibrant and culturally rich neighborhood, known for its iconic institutions like the Los Angeles County Museum of Art (LACMA), the historic architecture, and the famous La Brea Tar Pits. This eclectic area offers a mix of apartments, single-family homes, duplexes, and fourplexes, making it a diverse and appealing place to live. Over the past decade, its popularity has surged, attracting a wide range of residents.

Market Snapshot for May 2024

In May 2024, the Beverly Center - Miracle Mile real estate market experienced several notable trends:

  • Average Sales Price: The average sales price in the area has dipped slightly, down about 7% to approximately $2.43 million. Despite this slight decline, the area remains a highly sought-after market due to its cultural and architectural appeal.
  • Average List Price: The average list price has increased by 4%, now hovering just under $3 million. This indicates that sellers are confident in the market’s potential and the value of their properties.
  • Properties Sold: A significant surge in the number of properties sold was observed, with 14 homes changing hands in May. This marks a 68% increase from the previous 90 days, highlighting the area’s desirability, especially among families looking to settle before the new school year begins in August.
  • Days on Market: Homes in the Beverly Center - Miracle Mile area are spending more time on the market, with the average days on market increasing by 24% to 36 days. This extended market time suggests that buyers are taking their time to make informed decisions in this competitive market.
  • Price per Square Foot: The price per square foot has held relatively steady, down just 1% to $977. This stability indicates a balanced market where both buyers and sellers are finding value.

Why Beverly Center - Miracle Mile?

The Beverly Center - Miracle Mile area’s allure is multifaceted. Its central location between downtown Los Angeles and Beverly Hills makes it a prime spot for those looking to enjoy the best of both worlds. The neighborhood’s cultural institutions, historic sites, and architectural diversity offer residents a unique and enriching living experience.

Families are particularly drawn to this area for its reputable schools and the vibrant community atmosphere. The recent increase in home sales underscores this appeal, as more people seek to secure their spot in this desirable neighborhood before the new school year.

What Does This Mean for You?

If you’re considering buying or selling a home in the Beverly Center - Miracle Mile area, now is an exciting time. The market is dynamic, with opportunities for both buyers and sellers. As a potential buyer, you’ll find a range of property types to suit your needs, from charming single-family homes to spacious duplexes and fourplexes.

For sellers, the increase in list prices and the steady price per square foot are encouraging signs that your property can attract strong offers. However, given the increase in days on market, it’s essential to price your home competitively and ensure it stands out to potential buyers.

Bottom Line

The Beverly Center - Miracle Mile real estate market is bustling with activity and opportunities. Whether you’re looking to buy your dream home or considering selling your property, it’s crucial to stay informed about the latest market trends.

For expert insights and personalized guidance in navigating the Beverly Center - Miracle Mile market, let’s connect. With my extensive experience and deep knowledge of the Los Angeles and Beverly Hills real estate landscapes, I can help you make the most of this vibrant market.

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