Beverly Hills Real Estate Market: 2023 Year in Review

Beverly Hills remained one of the most resilient luxury real estate markets in the United States in 2023, despite elevated mortgage rates and broader economic uncertainty. Here's what the numbers tell us.

The median home price in Beverly Hills finished 2023 at approximately $5.8 million, according to data from the Multiple Listing Service. This represented a modest 2.3% decline from the 2022 peak of $5.95 million, but remained 18% above pre-pandemic 2019 levels.

Total sales volume in the city declined approximately 15% year over year, consistent with the broader luxury market trend across Los Angeles County. Higher mortgage rates, which peaked at 7.49% in October 2023 according to Freddie Mac, reduced buyer activity across all price segments.

However, the Beverly Hills market demonstrated distinct resilience compared to other luxury markets. Properties priced under $5 million saw the greatest competition, with an average of 2.3 offers per listing. Properties above $10 million experienced longer days on market, averaging 120 days, but maintained pricing strength due to the scarcity of trophy-caliber estates.

The 90210 zip code, encompassing the flats and lower hillside areas of Beverly Hills, recorded a median price of $4.2 million with 62 closed transactions. The 90211 zip code, which includes the southeast portion of the city, saw a median of $2.8 million across 38 transactions. The 90212 zip code, covering the business triangle and adjacent residential areas, recorded a median of $3.1 million.

International buyer activity remained a meaningful factor in Beverly Hills. The National Association of Realtors reported that foreign buyers purchased $53.3 billion of U.S. residential real estate in the 12 months ending March 2023, with Los Angeles County and Beverly Hills remaining top destinations for buyers from China, Canada, the United Kingdom, and the Middle East.

New construction and major renovations continued to command premium pricing. Newly built or fully reimagined homes in Beverly Hills sold at an average of $1,850 per square foot, compared to $1,200 per square foot for homes in original condition.

Looking ahead from 2023, the fundamentals supporting Beverly Hills real estate remain strong: extremely limited inventory, global demand, world-class amenities, and a brand recognized worldwide. The constraint of higher mortgage rates primarily impacts the entry-level luxury segment, while all-cash buyers, who represented approximately 45% of Beverly Hills transactions in 2023, are largely unaffected.

At RealiFi Realty, we track these metrics in real time through Koqi, our pricing intelligence platform, to ensure our clients have the most current data when making buying or selling decisions in Beverly Hills.