Market Madness: Trends That’ll Make Your Head Spin

Now, let’s talk numbers, because in this neck of the woods, they’re anything but boring. According to Rocket Homes, as of November 2024, the median home price in 90024 is sitting pretty at $1,240,000. That’s a 1.8% increase from last year, for those keeping score at home.

But wait, there’s more. Homes here are selling faster than tickets to a secret Beyoncé concert. We’re talking an average of 25 days on the market – a 42.3% decrease from last year. In September 2024 alone, 71% of homes were snatched up within 30 days. If you blink, you might miss your dream home.

And for those of you eyeing those jaw-dropping penthouses? Brace yourselves. The 5+ bedroom mansions are up 9.9% from last year, with a median price that’ll make your accountant sweat – $4,600,000. But can you really put a price on waking up to panoramic views of the Hollywood Hills?

Price Breakdown by Bedroom Type

Let’s break it down further:

• 1 Bedroom: $665,000 (up 1.5% from last year)
• 2 Bedrooms: $1,000,000 (up 3.2%)
• 3 Bedrooms: $2,200,000 (down 9.5%)
• 4 Bedrooms: $3,700,000 (up a whopping 17.3%)

The median price per square foot? A cool $813. You’re not just buying a home; you’re investing in prime real estate.

Expert Insights on 90024 Real Estate

Don’t just take our word for it. Let’s hear from some industry experts:

Real estate cannot be lost or stolen nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care it is about the safest investment in the world.

This quote, often attributed to Franklin D. Roosevelt, rings especially true in 90024. With its consistent growth and prime location, investing here is like planting a money tree in your backyard.

Josh Flagg, a top real estate agent in Beverly Hills, has this to say about luxury real estate in the area:

In high-end real estate, it’s not just about the property; it’s about selling a lifestyle. And in areas like 90024, that lifestyle is unparalleled.

Case Studies: Success Stories in 90024

Let’s look at some real examples of properties in 90024:

1. 10440 Wyton Dr: Listed for $5,995,000, this 5-bedroom, 5-bath luxury home spans 4,555 square feet. It’s a testament to the high-end offerings in the area.

2. 10490 Wilshire Blvd #906: A condo listed for $2,149,000, featuring 2 bedrooms and 2.5 baths over 2,776 square feet. It’s perfect for those looking for luxury without the maintenance of a single-family home.

3. 343 Veteran Ave: Priced at $3,695,000, this 4-bedroom, 4-bath home with 3,131 square feet showcases the diverse range of options available.

These listings demonstrate the variety and quality of properties you can expect in 90024.

The Future of 90024: What’s on the Horizon?

The 90024 area isn’t resting on its laurels. Here are some developments to keep an eye on:

• UCLA Expansion: The university’s continued growth promises to bring more amenities and cultural offerings to the area.
• Tech Hub Potential: With Silicon Beach not far away, there’s talk of Westwood becoming a satellite hub for tech innovators.
• Green Initiatives: Plans for more bike lanes and pedestrian-friendly spaces are in the works, aiming to make 90024 even more livable.