Beverly Hills 48025: The Gem of Metro Detroit

Welcome to Beverly Hills! Nestled in Oakland County, Beverly Hills, Michigan 48025, is a thriving community known for its picturesque landscapes, excellent schools, and vibrant local culture. As a highly sought-after area, Beverly Hills offers an ideal environment for families, professionals, and retirees alike. In this blog, we'll delve into the real estate market of Beverly Hills, providing valuable insights for both buyers and sellers.

Community Overview

Beverly Hills boasts a population of approximately 10,000 residents. The village is home to around 4,200 housing units, ranging from charming mid-century homes to luxurious new constructions. This mix of housing options attracts a diverse group of residents who appreciate the community's suburban feel and proximity to the amenities of nearby Birmingham and Detroit.

Real Estate Market Insights

On average, Beverly Hills sees approximately 200 housing units sold annually. Here is a breakdown by year:

2023: 199

2022: 190

2021: 242

2020: 231

2019: 225

2018: 196

This steady turnover indicates a healthy real estate market with a consistent demand for homes. The current real estate market conditions are favorable for both buyers and sellers, with several key metrics pointing towards a robust market.

While the market is dynamic, low inventory of available homes for sale continues to push home prices up. What does this mean for home buyers? For buyers of real estate in Beverly Hills, MI, home buyers need to move quickly and be decisive. As a buyer you may need to buy your new home in Beverly Hills first before you sell your current home; homes sell too quickly in Beverly Hills for you to wait. We look to months supply of inventory to determine if the housing market is a seller’s market or a buyer’s market. If the months of supply is greater than 3 months, we term it a buyer’s market and under 3 months of supply, we label it as a seller’s market. (Note: many real estate experts have traditionally used 6 months of supply instead of 3 months. We haven’t seen anything close to six (6) months supply in decades so we feel the above definition is more fitting for today’s world.)

After looking at the data, the current housing market in Beverly Hills 48025 is a seller’s market with approximately 10 days of supply for condos and 30 days for houses. Said differently, ten days from now we will have a shortage of condos and we will see that shortage of houses for sale in Beverly Hills in about 10 days. The ten (10) days months supply is nearly the lowest recorded figure since 2014 and the same came be said of the 1 month supply of houses in Beverly Hills. If you are a home buyer active in the market in Beverly Hills, you need to move quickly and be decisive. This is not a market you can put in a contingent offer, meaning the offer you make on the new home in Beverly Hills is contingent on the sale of your current home. You need dry powder so to speak to move quickly in this market.

What does this low inventory market mean for sellers? The obvious is it is a good time to sell. I always say you can’t time the market – and you really can’t. And selling is typically a personal decision and often triggered by a life event, such as your family getting smaller or larger or maybe you are downsizing or maybe you retired. Regardless, the decision to sell your home is a personal decision.

However, the market dynamics in Beverly Hills are pointing that it is a good time to sell. You have a great window of opportunity today to sell but we do see some headwinds that prices are starting to soften a bit. Now make no mistake – we do not see the inventory situation meaning the number of houses or condos for sale in Beverly Hills changing any time soon and expect the seller’s market in Beverly Hills 48025 to continue into next year and perhaps into 2026.

But what about the softening I mentioned? The average home price in Beverly Hills, Michigan is $550,991, which is up 6.4% versus May 2023. The peak of the market was in December 2022 and the average home price was $583,357. The average home price is down slightly since December 2022. High interest rates and the low inventory situation may lead to home buyer fatigue and we may see home buyers drop out of the market which would create downward pressure on home price in Beverly Hills.

With any of our private clients that own homes in Beverly Hills that are thinking about selling in the next 24 months, we are encouraging them to reconsider and sell in the next 6 months if their situation allows it. Prices are near their all-time high and we don’t want any Beverly Hills homeowner to miss this window of opportunity to maximize the sales price of their home and unlock their home equity.

Monthly Market Report: What’s Happening Now?

- Days on Market (DOM): The average days on market (DOM) for homes in Beverly Hills is currently 18 days. This is a decrease from last year's average of 28 days, indicating that homes are selling faster. This is an overall average for Beverly Hills with higher price points taking longer and homes that are move-in ready at lower price points are selling in days. Overall, it depends on the price point, location within Beverly Hills, the condition of the home and other factors to determine days on market (DOM) and overall we are saying approximately 30 days is a good general number.

- Average Sales Price: The average sales price for a home in Beverly Hills is now $555,991. This represents a 6.4% increase from the previous year. As stated earlier, this is down from the peak of $583,557 in December 2022.

These statistics suggest that Beverly Hills remains a desirable location with a competitive housing market. Homes are selling quickly, and prices are on the rise, benefiting sellers while still presenting opportunities for buyers.

Market Data Analysis

To provide a detailed market analysis, we have studied the data on properties that are Coming Soon, Active, and Sold in Beverly Hills over the past 180 days. Below are some key insights derived from this data:

For Beverly Hills Home Buyers

1. Affordable Luxury: Beverly Hills offers a range of housing options, including affordable luxury homes. With an average sales price in the mid $500's, buyers can find high-quality homes at competitive prices compared to nearby affluent areas including Birmingham where the average sale price is over $825,000.

2. Quick Turnover: With an average DOM of 30 days, homes in Beverly Hills sell quickly. Buyers need to act fast and be prepared to make competitive offers.

3. Rising Home Values: The 6.4% increase in average sales price over the past year highlights the potential for strong return on investment for buyers, making Beverly Hills a wise choice for those looking to build equity.

4. Prime Location: Beverly Hills' proximity to major highways and thoroughfares makes commuting easy, whether you're heading to downtown Detroit or exploring other parts of Michigan. Beverly Hills is perfectly situated whether you want to head to downtown Birmingham or need to be close to Corewell Beaumont. (Author's note: Still getting used to saying Corewell. It will be forever Beaumont to me.)

For Beverly Hills Home Sellers

1. Seller's Market: The current market conditions, characterized by rising prices and decreased DOM, create a favorable environment for sellers. Homes are likely to attract multiple offers, driving up final sale prices.

2. High Demand: The consistent demand for homes in Beverly Hills means that sellers can expect their properties to garner significant interest, especially if priced and marketed effectively.

3. Community Appeal: Highlighting the village’s excellent schools, green spaces, and community spirit can be powerful selling points. Emphasizing these aspects in marketing materials can help attract motivated buyers.

4. Exclusive Offerings: Due to high buyer demand, some homes sell even before hitting the market. Working with an experienced real estate agent can ensure your home reaches potential buyers through exclusive networks.

Property Data Insights

Based on the latest data from the past 180 days, here are some additional insights:

- Coming Soon Listings: There are several properties poised to enter the market soon, ranging from $350,000 to $600,000. These upcoming listings indicate a healthy pipeline of new inventory despite being in a low inventory of available homes market.

- Active Listings: Current active listings show a diverse range of homes available, with prices spanning from $300,000 to over $1 million. This variety caters to different buyer segments, from first-time homebuyers to those seeking luxury residences. In my opinion, the diverse range of home price and offerings drives this dynamic market leading to an overall increase in home prices in Beverly Hills. Variety is the spice of life and the secret sauce of why the Beverly Hills Michigan real estate market is so strong.

- Sold Listings: Recent sales data reveals that homes in Beverly Hills have been selling close to their asking prices, further emphasizing the competitive nature of the market.

Summary

Beverly Hills, Michigan, continues to be a desirable community with a strong real estate market. Whether you're looking to buy or sell, understanding the current market trends and leveraging the unique attributes of Beverly Hills can help you make informed decisions.

As an experienced real estate professional specializing in Beverly Hills, I am here to assist you with all your real estate needs. From navigating the buying process as your buyer's agent in Beverly Hills to effectively marketing your home for sale as a listing agent in Beverly Hills, my goal is to provide you with expert guidance and support and unparalleled personal service.

Feel free to reach out if you have any questions or need personalized advice. Interested in finding out what your Beverly Hills home is worth? Don’t rely on an internet estimate. Get our Equity Review Report and I will tell you what your home is worth in today’s market and in turn how much equity you have in your home.

Contact Information

Jeff Higgins 

Real Estate Expert 

Higgins Partners powered by Real 

Phone: (248) 233-6165

Email: jeff@higginspartners.com 

Website: HigginsPartners.com