2024 Housing Market Forecast for Los Angeles and Beverly Hills: Insights from Experts
2024 Housing Market Forecast for Los Angeles and Beverly Hills: Insights from Experts | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.
As we approach 2024, those considering buying or selling homes in the dynamic markets of Los Angeles and Beverly Hills are keen to understand the upcoming trends. The 2023 market faced challenges with high mortgage rates and a tight inventory, but what does 2024 hold for these prestigious areas?
Optimism for Mortgage Rates and Market Activity
Experts, including Mark Fleming from First American and Jessica Lautz from NAR, anticipate a positive shift with mortgage rates expected to ease, offering relief to buyers, particularly in high-value areas like Los Angeles and Beverly Hills. This potential decrease could invigorate the market, as more buyers may find properties within these sought-after locales more accessible.
Increased Inventory in Los Angeles and Beverly Hills
The easing of rates could encourage more sellers to enter the market, potentially increasing the inventory in areas like Beverly Hills, known for its exclusive real estate. As Lisa Sturtevant from Bright MLS suggests, even homeowners 'locked in' at low rates may find motivations to sell, improving the supply and giving buyers more options.
Home Price Growth Moderation
While Los Angeles and Beverly Hills have traditionally seen robust price growth, experts from Fannie Mae's HPES predict a moderation in price increases. This could bring more balance to these luxury markets, offering a more favorable environment for both buyers and sellers.
2024: A Positive Year for Los Angeles and Beverly Hills Real Estate
Summarizing the expert forecasts, 2024 is shaping up to be a promising year for the housing market in Los Angeles and Beverly Hills. With expectations of slight home-price gains, easing inventory constraints, and increasing transaction volumes, the outlook is positive.
Conclusion: Navigating the 2024 Market
For those looking to buy or sell in Los Angeles and Beverly Hills in 2024, staying informed on the latest market trends is crucial. Partnering with a trusted real estate agent familiar with these unique markets will be key to successfully navigating the evolving landscape. Let's connect to explore your opportunities in these prestigious areas.