Beverly Hills, California's real estate market in 2023 is characterized as a buyer's market, indicating that prices are generally more favorable for buyers, and homes tend to stay on the market longer. The median sold price for homes in the area over the last year was approximately $3.35 million, marking a 3.0% increase since October 2022. In contrast, the median listing price for homes was around $5.9 million in October 2023, reflecting a significant 11% decrease compared to the previous year. The price per square foot for listings was about $1,300. However, the median sale price of a home in Beverly Hills was around $2.73 million last month, down 7.9% from the previous year, with the price per square foot rising by 7.5% to $1,270.
Further insights into the Beverly Hills real estate market for the second quarter of 2023 show a median home sale price of about $2.5 million, a decrease of 1.4% year-over-year. Additionally, the market experienced a substantial decline in transactions, with a 31.1% drop compared to the same period last year. In a more recent snapshot, homes in Beverly Hills in August 2023 sold for a median price of $6.295 million, staying on the market for an average of 57 days, down from 69 days last year. The number of homes sold in August was 210, fewer than the 248 homes sold in the previous year. These figures collectively paint a picture of a dynamic and evolving real estate landscape in Beverly Hills.