The Cost of Living in Luxury: A Guide to Beverly Hills House Prices
Beverly Hills is one of the most desirable locations for real estate investment in the world and it isn’t hard to see why. With its sought-after 90210 ZIP code, glamorous reputation, and unique real estate landscape, the world-famous city offers the chance to enjoy a lifestyle like no other. In this blog post, we’ll dive deeper into Beverly Hills as a prime real estate location, the factors influencing its house prices, and how to own a piece of this iconic area.
WHY BEVERLY HILLS?
Known for its iconic palm tree-lined streets, sprawling estates, and world-class amenities, Beverly Hills is considered the epitome of luxury living. Together with the equally affluent areas of Bel Air and Holmby Hills, it forms what is known as the “Platinum Triangle.”
These are the factors that make Beverly Hills an excellent place to own a home:
- Prime location
Beverly Hills is conveniently located within the heart of Los Angeles County, in between West Hollywood, Century City, and Bel Air. Santa Monica Beach is around 17 minutes away while Downtown Los Angeles is a 20-minute drive. The Los Angeles International Airport (LAX) is less than 30 minutes away from Beverly Hills. The city’s central location makes it easy for residents to access LA’s different amenities, attractions, and major transportation routes.
- Fantastic weather
Beverly Hills enjoys a mild, Mediterranean climate all year round. Summers in Beverly Hills are warm and clear, with an average temperature of around 78°F. With around 278 days of sunshine per year, Beverly Hills residents have plenty of opportunities for outdoor and recreational activities. Winters, on the other hand, are cool and partly cloudy. During December, which is the coldest month of the year, the temperature ranges from 49°F to 68°F.
- Picturesque parks, world-class shopping, and excellent dining
Beverly Hills is home to a number of exceptional parks, such as the Will Rogers Memorial Park, the Beverly Gardens Park, and Coldwater Canyon Park. These outdoor areas provide visitors with spectacular views, walking trails, and plenty of opportunities for recreation. Beyond the green spaces, Beverly Hills also offers top-notch shopping and dining options. Rodeo Drive is a renowned two-mile-long street that’s full of international brands, designer boutiques, and high-fashion outlets.
UNDERSTANDING THE BEVERLY HILLS REAL ESTATE MARKET
Real estate in Beverly Hills is known to command top prices. House prices in the city have trended significantly upward for much of its history, particularly after the 1920s and 1930s, when many of Hollywood’s top celebrities began moving to the area. Over the past decade, the home appreciation rates in Beverly Hills have exceeded the averages of Los Angeles, California, and the nation as a whole.
In fact, 90210 regularly ranks among the most expensive ZIP codes in the country, coming in at third last year. The median home price in Beverly Hills in 2023 was $2,997,500. As of February 2024, the city has a median sale price of $2.8 million.
While there has been a slight drop in the appreciation rate recently, this is not surprising considering general economic trends. It gives home buyers more opportunities to enter the Beverly Hills market.
How much does a house cost in Beverly Hills?
Despite its small size (Beverly Hills covers less than 6 square miles), the city offers a lot in terms of luxury real estate. Grand estates, upscale condos and apartments, and vacant lots are the most sought-after properties here. The median listing price of a single-family house for sale in Beverly Hills is $6.3 million. House prices can start at $2 million and go as high as $85 million.
Condo units, on the other hand, have a median list price of $2 million. The value of a condo unit in Beverly Hills ranges from $995,000 to $10.8 million.
Average prices by neighborhood
Beverly Hills offers a wide range of neighborhoods, each one with its own distinctive charm and character. From the sprawling properties in Trousdale Estates to the amenity-rich condos in Southwest Doheny, there’s a Beverly Hills neighborhood that fits every lifestyle. Here’s a closer look at the top neighborhoods in Beverly Hills and how much a home in each one might cost.
Trousdale Estates
One of the most luxurious neighborhoods in Beverly Hills, Trousdale Estates is an exclusive enclave at the base of the Santa Monica Mountains. With its incredible views, luxurious estates, and high level of privacy, it’s no wonder why many of Hollywood’s elite have chosen to call Trousdale Estates home. The Greystone Mansion, an iconic Tudor Revival property listed on the National Register of Historic Places, is located in Trousdale Estates.
The Trousdale Estates neighborhood is built around large, single-family residences with well-manicured lawns. While Mid-Century Modern homes dominate the neighborhood’s architectural landscape, Modern and Contemporary-style homes are also in the mix. The average price of a house in Trousdale Estates is around $8.2 million, making it one of the most expensive neighborhoods in Beverly Hills.
The Flats
Another iconic neighborhood in Beverly Hills is The Flats. Regarded as the epitome of luxury living in California, The Flats sets itself apart from other Beverly Hills neighborhoods with its laid-back atmosphere and serene environment. The neighborhood’s landscape lies mostly flat, hence its name.
The single-family homes in The Flats feature a variety of architectural styles, most notably Mediterranean, Colonial, Spanish Revival, Tudor Revival, Modern, and Mid-Century Modern. These sought-after properties typically have sprawling backyards and outdoor pools. The average price of a home in The Flats is around $9.1 million.
Beverly Hills Gateway
Located in between The Flats and the Beverly Hills Post Office, Beverly Hills Gateway is the city’s most exclusive and prestigious neighborhood. Since the neighborhood’s topography gradually rises as it goes further north, the lot sizes here vary greatly. The most coveted properties in Beverly Hills Gateway are the ones located in the higher areas of the neighborhood, due to the panoramic views offered. The average price of a home in Beverly Hills Gateway is around $10.5 million.
Golden Triangle
Synonymous with luxury shopping, Golden Triangle is home to the world-famous shopping street Rodeo Drive and other upscale retailers. The Golden Triangle is also referred to as the “Business Triangle” since it covers Beverly Hills’ bustling commercial district. The residential properties in this neighborhood consist of luxurious single-family homes with spacious driveways and grand living rooms. Common architectural styles include Mid-Century Modern, Modern, and Spanish Revival. The average price of a home in Golden Triangle is around $1.55 million.
La Cienega Park
A dynamic neighborhood in Beverly Hills, La Cienega Park is known for its abundance of green spaces and relaxed vibe. Its namesake park, which is located in the heart of the neighborhood, offers a variety of recreational facilities like soccer fields, baseball fields, tennis courts, and a jogging track. La Cienega Park offers a variety of residential real estate options, from expansive single-family homes to cozy townhomes. The average price of a home in La Cienega Park is around $2 million.
Southwest Doheny
Southwest Doheny is a prestigious Beverly Hills with access to some of the best shops, restaurants, and attractions in the city. This neighborhood may be small, but it is well-planned with tree-lined streets. Southwest Doheny caters to a range of lifestyles, offering a mix of elegant single-family homes, luxury condos, and spacious townhomes. The condos in Southwest Doheny, in particular, feature incredible skyline views along with a plethora of amenities. The average price of a home in Southwest Doheny is around $2 million.
Roxbury Park
Roxbury Park is a tranquil enclave in the heart of Beverly Hills. Despite its central location, Roxbury Park offers a welcome escape from the busy and tourist-heavy areas in the city. The neighborhood is named after the expansive Roxbury Park, an 11-acre area with tennis courts, playgrounds, picnic areas and a dedicated space for lawn games.
Roxbury Park caters to a variety of lifestyles, with a mix of single-family homes, townhomes, and condos. Like many Beverly Hills neighborhoods, Roxbury Park has a wide mix of architectural styles, with Spanish Revival and Mid-Century Modern being the most popular ones. The average price of a home in Roxbury Park is around $3.1 million.
How prices have changed over time
It’s no secret that home values continue to appreciate over time. This long-term upward trend is a result of inflation, supply and demand, and low interest rates. In the United States, home values have steadily risen over the past few decades. On average, it has increased between 3% to 5% each year. In in-demand Beverly Hills, house prices have increased even more significantly — the median home sales price grew by 208% in the period between 2000 to 2018.
THE BUYING PROCESS IN BEVERLY HILLS
- Be familiar with the real estate market
An understanding of the market can go a long way towards smoothing out your Beverly Hills home buying journey. By understanding current trends, you’ll be able to negotiate more strategically and make stronger offers. But beware, a little knowledge is a dangerous thing; unless you’ve been plugged into the market for a significant amount of time, you’ll be better off consulting with a seasoned local Realtor.
- Know where you want to live
When you buy a house in Beverly Hills, it’s important to have a clear idea of what you want in your ideal home and neighborhood. Beverly Hills is more than its luxurious reputation. The city has a strong sense of community, with each of its neighborhoods offering their own charm and flavor.
To figure out which neighborhood best suits your lifestyle, it helps to ask questions about your needs and wants. Are you looking to live at the center of all the action? Or are you after a quieter and more secluded enclave? If a family-friendly atmosphere is a priority, you may want to consider neighborhoods with parks and playgrounds.
- Work with a knowledgeable Realtor
Beverly Hills is one of the most expensive places in the country to own a home. That’s why it’s important to work with a real estate agent who knows this luxury market inside and out. A knowledgeable Realtor will ensure that you get a top-notch home without compromising on its value.
- Do your due diligence
Since the Beverly Hills real estate market is filled with one-of-a-kind properties, gauging whether or not a house is really worth its price tag is about more than just looking at comps. While you can certainly use factors such as location, size, and general features to come up with a baseline value, you will also want to consider unique details such as its historic or architectural significance as well as any bespoke finishes and special amenities.
- Understand how negotiations work
Negotiations for luxury homes can often be a delicate dance. Ultimately, value is in the eye of the beholder so you and the seller may not always see eye to eye as to what constitutes as a valuable feature. Leverage your Realtor’s negotiation skills as well as their deep understanding of the market and let their knowledge and expertise be your guide. You will also want to use contingency clauses to protect yourself, and consider adding an escalation clause to show your commitment as a buyer.
WORK WITH A BEVERLY HILLS REAL ESTATE EXPERT
When it comes to buying Beverly Hills real estate, an experienced agent is your secret weapon to getting the home of your dreams. That’s why it pays to enlist the help of a top luxury Realtor like Joyce Rey. With her unrivaled expertise in Southern California real estate and personalized real estate services, you can experience a seamless and stress-free home buying journey.
If you’re interested in learning more about the incredible Beverly Hills properties and their house prices, Joyce and her team would be more than happy to explore the market with you. Give her a call at 310.285.7529 or send a message today.
