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Beverly Hills is home to one of the most famous ZIP codes in the world but home sellers in the third quarter saw their homes appreciate at a rate below that of the rest of Los Angeles County.
The median home price for sales in Beverly Hills’ 90210 ZIP code–made famous by a TV show by the same name–appreciated by 33 percent against owners’ buying prices, according to data from Attom.
The real estate data firm provided The Real Deal with data on 258 ZIP codes in L.A. County, counting any with at least 10 home transactions in the third quarter. The company bases its median for quarterly home appreciation on the prior median sales price of individual homes that changed hands during the time frame. However, Attom does not factor in when those homes were previously sold, which puts a long-range lens on the data set.
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Beverly Hills’ home appreciation rate was far lower than the 50 percent rate for the entire county, where all but two of the ZIP codes that Attom studied saw their home values appreciate during the third quarter.
However, Beverly Hills’ homes are far pricier than those not only among L.A. County’s 88 cities but the whole country, and are therefore more likely to experience smaller price gains. The median home price in the city was $3.6 million in the third quarter, a 3 percent increase from the quarter before. For L.A. county, the median was $900,000 and for the country, it was $379,000, per Attom.
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The peak year for Beverly Hills’ home appreciation was in the second quarter of 2020, when the median home appreciation rate was just over 192 percent. Since 2008, the start of Attom’s data, there has not been a quarter when the rate declined — not even in the second quarter of 2009, when L.A. County overall recorded its steepest depreciation rate, of roughly 19 percent.
In the second quarter of this year, the priciest home sale clocked in at $59.6 million. Australian billionaire James Packer offloaded an estate at 1028 Ridgedale Drive that he had purchased for $60 million in 2018.