The Latest on the Luxury Home Market in Los Angeles and Beverly Hills, CA
The Latest on the Luxury Home Market in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Luxury living is about more than just breathtaking views and cutting-edge smart home technology—it's about elevating your lifestyle to a new level of comfort, convenience, and sophistication. In Los Angeles and Beverly Hills, where luxury real estate is synonymous with world-class living, the market for high-end homes is thriving. If you're considering purchasing a multi-million-dollar home, now is an excellent time to explore what the luxury market has to offer in these iconic areas.
The Growing Luxury Home Market in Los Angeles and Beverly Hills
Luxury homes, often defined as the top 5% of the market, can vary depending on location, but in high-end neighborhoods like Beverly Hills, Bel Air, and Holmby Hills, these homes often start in the multi-million-dollar range. According to a recent report from Redfin, the average value of luxury homes in the U.S. has risen to over $1 million:
“The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.”
In prestigious markets like Los Angeles and Beverly Hills, this figure is much higher, with many luxury homes selling for $5 million and up. These areas offer a diverse range of architectural styles, from modern minimalist designs to grand Mediterranean villas, all featuring the latest in luxury amenities such as state-of-the-art smart home systems, infinity pools, home theaters, and private gyms.
With the percentage of homes valued at $5 million or more reaching new heights, buyers in Los Angeles and Beverly Hills have a wealth of options. Whether you're searching for a sprawling estate in the hills with panoramic city views or a sleek modern home near the heart of Beverly Hills, the inventory of luxury properties is expanding, giving you more opportunities to find a home that perfectly suits your lifestyle.
Why Investing in a Beverly Hills Luxury Home Makes Sense
In addition to offering an unparalleled lifestyle, a luxury home in Los Angeles or Beverly Hills is a sound long-term investment. As Redfin's report highlights, luxury home prices continue to rise, driven by demand from both domestic and international buyers. This trend is particularly evident in sought-after neighborhoods like Beverly Hills, where property values have consistently appreciated over the years.
The August Luxury Market Report also supports this outlook:
“By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.”
In markets like Los Angeles and Beverly Hills, where real estate is often considered a "trophy asset," investing in a luxury home offers both financial rewards and lifestyle benefits. Not only do these properties hold their value, but they often appreciate at a higher rate than the overall market, especially in prime locations. Additionally, with the booming demand for luxury rentals, owning a high-end property can provide lucrative short-term rental opportunities, particularly for celebrities and executives looking for a luxurious place to stay while in town.
The Appeal of Beverly Hills and Los Angeles Luxury Homes
What makes Los Angeles and Beverly Hills particularly appealing for luxury buyers is the exclusive lifestyle these areas offer. Beverly Hills, renowned for its iconic 90210 zip code, delivers a combination of opulence, privacy, and convenience. Residents enjoy access to world-class shopping, dining, and entertainment, while being surrounded by some of the most exclusive real estate in the world.
Los Angeles, on the other hand, offers a variety of luxury neighborhoods, each with its own distinct appeal. From the celebrity-filled streets of the Hollywood Hills to the beachside mansions of Malibu, the city caters to a wide range of tastes and lifestyles. In areas like Bel Air and Brentwood, you’ll find estates with sprawling acreage, stunning views, and high-end amenities that offer the ultimate in privacy and comfort.
Bottom Line
With the luxury real estate market in Los Angeles and Beverly Hills growing and prices continuing to rise, now is the perfect time to explore your options. Whether you're looking to elevate your lifestyle with a dream home or seeking a solid long-term investment, there’s no shortage of incredible properties to choose from in these iconic areas. Let’s connect today to explore the best luxury homes that Los Angeles and Beverly Hills have to offer and find the perfect property that matches your vision of luxury living.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value
