Bel Air Homes for Sale

In October 2024, Bel Air experienced a significant 30.4% rise in home prices compared to the previous year, with the median sale price reaching $4 million. This sharp increase highlights strong demand and sustained buyer interest in this affluent neighborhood, despite the extended time homes spend on the market. On average, properties in Bel Air are now selling after 98 days, a slight increase from 94 days in October 2023. Interestingly, 22 homes were sold in both October 2023 and 2024, indicating stable sales volume. This trend suggests that while buyers are willing to pay premium prices for Bel Air properties, the market's pace remains measured, possibly due to the high price point, which can lead to longer decision times among buyers.

Bel Air’s real estate market is relatively low in competitiveness. Homes typically take around 78 days to sell, and multiple offers are uncommon, reflecting a slower, more selective buying process. On average, properties sell for approximately 3% below the list price, with transactions generally going pending within that 78-day window. However, in rare cases where a property garners strong interest, "hot" homes can sell for about 5% above the list price and tend to go pending in around 37 days. This trend indicates that while most buyers take their time with negotiations, truly desirable properties still command a premium and sell faster, showing that demand exists but is selective.

In October 2024, Bel Air remains a buyer's market, indicating that the available supply of homes exceeds buyer demand. This surplus gives buyers more leverage, as they have a broader selection and less competition, often allowing for more favorable purchase terms. In this environment, sellers may need to be more flexible on pricing and concessions to attract buyers, while buyers can take advantage of negotiating opportunities. This trend reflects a market where high inventory, combined with selective demand, allows for slower sales and gives prospective buyers more time and options in their decision-making process.