A Look Ahead: Trends and Predictions for Beverly Grove Real Estate in 2024

Industry experts predict a strong 2024 for the Beverly Grove real estate market. This upscale Los Angeles neighborhood, known for its central location, tree-lined streets, and attractive homes, should see increased demand amid rising home prices and low mortgage rates. Given its convenient access to shops and restaurants, homes for sale in Beverly Grove are likely to sell quickly this year. Both buyers and sellers can expect a competitive environment with higher sale prices. Here are some predictions for the 2024 real estate market:

Limited inventory persists

One ongoing challenge for Beverly Grove home buyers is the area’s limited housing inventory, especially at lower price points under $2 million. Most inventory in the market comes from existing homeowners listing their properties, as there are few vacant lots for new construction. The resulting scarcity puts upward pressure on prices when multiple buyers compete for the same homes. Some speculate that 2024 could finally bring relief through slowing population growth in Los Angeles or a minor pullback in demand. However, even a plateau in price growth would represent a rare break from Beverly Grove’s usual rapid appreciation. 

Luxury development continues

Beverly Grove’s high property values support new luxury condominium projects on select redeveloped sites despite restrictions on single-family home construction. Several new high-end complexes debuted in 2023, offering amenities like rooftop pools, fitness centers, and indoor/outdoor lounge space.

The rental market stays competitive

Beverly Grove rents moved sharply higher in 2022 and 2023 alongside home prices, squeezing out some tenants but ensuring landlords achieve premium returns. The neighborhood still offers reasonable value compared to nearby West Hollywood, driving continued interest from renters. Vacant homes are filled quickly, requiring prospective tenants to act decisively on apartments that meet their needs. Owners should retain leverage to implement further rent hikes while sustaining full occupancy. Renters may also find bidding wars breaking out for the most appealing listings.

Strong neighborhood fundamentals

Beverly Grove’s exceptional location and amenities will keep rental demand and property values high. The property offers convenient access to entertainment, employers, schools, restaurants, parks, and a safe, walkable environment in West Hollywood and Beverly Hills. Beverly Grove’s prestige as one of L.A.’s most desirable neighborhoods is expected to continue growing if its fundamentals remain strong.

Beverly Grove real estate

Home prices in Beverly Grove have risen sharply in recent years, with the median listing price now over $2 million. The neighborhood appeals to families and professionals drawn to its central location, amenities like The Grove shopping center, charming residential streets lined with single-family homes, Spanish-style estates, and 1920s bungalows. It’s considered one of LA’s most desirable areas.

Things to do in Beverly Grove

Beverly Grove offers plenty to see and experience while showcasing LA’s classic neighborhood charm. Take a peaceful walk beneath the canopy of trees along the residential streets to admire the charming Tudor-style homes and Spanish architecture. Make your way to The Original Farmers Market for a bite to eat and to shop the various food and retail vendors that have been a staple since 1934. Stop by Page Museum and stroll the grounds of the famous La Brea Tar Pits to learn about and see actual excavations in process, bringing LA’s prehistoric past to life. You may even spot a movie star grabbing coffee along this classic LA slice of paradise.