The Latest 2024 Housing Market Forecast for Los Angeles and Beverly Hills
The Latest 2024 Housing Market Forecast for Los Angeles and Beverly Hills | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.
As we approach the new year, many are questioning whether 2024 is the right time to buy or sell a home, particularly in the high-demand areas of Los Angeles and Beverly Hills. With expert predictions indicating a favorable outlook, here’s what you need to know.
Experts Forecast Ongoing Home Price Appreciation
Recent forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) suggest that home prices will continue to appreciate. Nationally, prices are expected to end this year up by about 2.8% and increase by another 1.5% by the end of 2024. This trend is particularly significant in the luxury markets of Los Angeles and Beverly Hills, where demand continues to outpace supply, driving prices upward.
In Los Angeles and Beverly Hills, the luxury real estate market reflects these national trends but with unique local dynamics. Despite concerns of a market downturn, 2023 did not see a significant drop in prices, primarily due to the ongoing inventory crunch. This trend is expected to continue into 2024, with high-end areas like Beverly Hills and certain Los Angeles neighborhoods seeing even greater price resilience due to their desirability and limited available properties.
Projections Show Sales Should Increase Slightly Next Year
While 2023 saw fewer home sales compared to previous years, the upcoming year is forecasted to experience a slight increase in activity. This is good news for both buyers and sellers in Los Angeles and Beverly Hills. The increase in sales indicates a healthy market, offering opportunities for buyers looking for their dream home and sellers seeking to capitalize on the robust market conditions.
The Los Angeles and Beverly Hills markets are influenced by factors unique to these areas, such as the influx of high-net-worth individuals, global investors, and the entertainment industry. These factors contribute to a consistently high demand for luxury properties. Additionally, as mortgage rates potentially stabilize or decrease, we may see an even more active market in these regions.
For those considering buying or selling in Los Angeles and Beverly Hills, staying informed about the latest market forecasts is crucial. Understanding these trends helps you make well-informed decisions, whether you’re looking to invest in a luxury property or sell your home in these premier locations. Let’s discuss the latest forecasts and devise a strategic plan for your real estate endeavors in 2024.