During this past month of June, the median rental price for a single family home in Beverly Hills was $10,413 and median sale price for a single family home in the city was $3,554,300. There were approximately 178 homes listed for sale in the city at the end of June, compared with 178 in May. During the last month, homes sold within 115 days on the market and received 1 offers per sale on average.
City Housing Supply:
As of the end of 2017, the total count of existing housing units in the city was 16,451. Single family housing units make up about 36.54% of Beverly Hills's housing units, 6,011 units total. Multifamily units make up 63 percent, or approximately 10,398. As of last year, the average housing density (people per household) was 2.33, compared with the state average of 2.97. At the end of the period, about 1,681 of housing units in the city were unoccupied, suggesting a vacancy rate of 0 percent.
Regulations & Outlook:
The City has not yet finalized updates to it's residential zoning code that fully comply with State Laws SB 1069 and AB 2299 which allow for Accessory Dwelling Units (ADUs) to be developed on most single family lots. More commonly referred to as “Granny Flats” and “In-Law Units”, in Beverly Hills as many as 3,546 homes may now be eligible to add some form of second dwelling unit. These laws are intended by The State to boost opportunities for housing production in cities in an effort to address the growing housing deficits local communities face accross The State. Typically secondary units are constructed by homeowners in backyards, converted garages and basements of single family residences. These new regulations could now allow individual homeowners to play a significant role to increase housing production in Beverly Hills over the coming years. Consider for example, if just one percent of eligible homeowners in Beverly Hills built an ADU each year, it would contribute an additional 177 units to the city's housing stock over the next five years and create hundreds of new local construction jobs.
Local News & Policy:
At this time, statewide standards will superseed any local residential zoning requirements for ADUs that are non-compliant with the state's minimum set of requirements. The current development standards for ADUs in Beverly Hills, or any other CA city, can be found at the city zoning page link and search below. Recently More information on the latest local policies and requirements for ADUs will be available as they are passed. Check back each month for the latest changes in Beverly Hills.
For homeowners and local developers who are interested in getting involved in the ADU movement locally in Beverly Hills, use Housable to get insights about the ADU housing development potential of specific properties. Housable provides zoning, permitting, estimation and design tools, many of them free of charge, to help homeowners at any step plan, permit and build their ADU projects. Use property design and calculation tools any time, get low cost insights about the ADU potetnial of your property and connect with local professionals who can help with the process when you're ready to get started. Stay up to date with the latest local trends in housing production and join the ADU movement to create more housing in Beverly Hills, one garage, basement, or backyard at a time.
Median Sales Price $3,554,300.00
Median Rental Price $10,412.00 Based on 840 sqft unit
Total Homes on Market 178
Average Days on Market 115
Average Offers per Sale 1
Total Housing Units 16451
Single-Family Units 6011
Other Type Units 42
Unit Vacancy Rate 0.1022
Annual Units Produced (2017) 19
Go to Beverly Hills ADU Zoning Page
City Population 34,109
City Area 5.71 sq. mi.
We have our final inspection TODAY and do expect it will go well. We’ve been lucky to have a nice inspector. I’ll send you more pics this weekend!
Fiona K. in Bell Canyon, CA
The plans were approved and I received the permit today. Thank you for all your help with the process!
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Monica H. in Oakland, CA
State of CA State Senator Bob Wieckowski In Conversation With Somanjana Chatterjee India Currents 02/09/2017
State of CA Mother-in-law units, the Swiss Army knife of housing policy - San ... www.sfchronicle.com 20/03/2015
State of CA Homebuyers Can Now Use Income from ADUs to ... - Yahoo Finance finance.yahoo.com 26/04/2017
State of CA California politicians say housing is their top priority for the rest of the year KPCC 20/08/2017
State of CA Opinion: How California can solve its housing disaster https://www.mercurynews.com/ 02/02/2018
Go to Beverly Hills ADU Zoning Page
... Or find another city in CA
Housable is providing information about specific properties that is furnished to users as a good-faith estimate of the development potential of a property. You should not in any way base your development, investments, or other financial decisions on this information. We strongly advise you to consult with an industry professional, such as a lender, realtor, contractor, or architect, who is sufficiently licensed and insured in their field, and who can work with you individually to confirm all requirements before moving forward with any real estate development or investment.