Assessing the ‘Silver Tsunami’ Impact on Beverly Hills and Los Angeles Real Estate in 2024
Assessing the 'Silver Tsunami' Impact on Beverly Hills and Los Angeles Real Estate in 2024 | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.
The term "Silver Tsunami" has sparked considerable online discussion, particularly in the context of the Beverly Hills and Los Angeles housing markets. It refers to the potential impact of baby boomers downsizing or changing their living arrangements as they age. The speculation is that this demographic shift might flood the market with larger homes, particularly in areas like Beverly Hills, known for its luxurious, spacious properties.
In Los Angeles and Beverly Hills, the effect of such a trend could theoretically shift the housing market balance. However, experts suggest that this 'Silver Tsunami' is not materializing as dramatically as predicted. Many baby boomers in these regions prefer to age in place, and those who do move are doing so gradually, not en masse. This slow transition means the influx of larger homes onto the market is more trickled than tidal wave.
Mark Fleming, Chief Economist at First American, emphasizes that demographic trends tend to be gradual processes. In Beverly Hills and Los Angeles, this suggests any impact on the housing market from baby boomer movements will unfold over several years, not abruptly in 2024.
In summary, while the 'Silver Tsunami' is an interesting concept, its immediate impact on the Beverly Hills and Los Angeles real estate markets in 2024 is likely to be limited. Those concerned about sudden market fluctuations in these prestigious areas can expect a more measured pace of change.