Brea’s real estate market dates back to the early 1900s, when the area was primarily agricultural land with small farms and citrus groves. As Southern California began to develop and grow, Brea became an increasingly popular destination for those seeking a rural lifestyle within close proximity to major cities.
In the early days of Brea’s real estate market, many of the homes were modest single-family houses with large lots and a focus on outdoor living. As the city grew, however, more diverse housing options began to emerge, including larger homes, townhouses, and apartments.
Significant changes and developments over the years
Throughout the mid-1900s, Brea continued to grow and evolve, with new developments and subdivisions being built to accommodate the increasing demand for housing in the area. The construction of major highways and transportation infrastructure also made it easier for people to commute to nearby cities for work.
Today, Brea’s real estate market is a thriving and competitive industry, with a mix of older and newer homes available for sale. The city’s strong community atmosphere and convenient location continue to make it a popular destination for those looking to invest in Southern California’s real estate market.
The impact of the 2008 housing crisis on Brea's real estate market
Like many other cities in the United States, Brea’s real estate market was impacted by the 2008 housing crisis. The crisis, which was caused by a combination of factors including risky lending practices and a housing market bubble, led to a sharp decline in home values and a surge in foreclosures.
In Brea, the housing crisis resulted in a significant drop in home prices, with some properties losing as much as 50% of their value. Many homeowners found themselves underwater on their mortgages, meaning that they owed more on their homes than they were worth. This led to a wave of foreclosures and short sales, as homeowners struggled to keep up with their mortgage payments.
However, despite the challenges posed by the housing crisis, Brea’s real estate market has proven to be resilient over the long term. Home prices have since rebounded and are now higher than they were prior to the crisis. This is due in part to the city’s desirable location and strong community atmosphere, which continue to attract homebuyers and investors alike.
Overall, while the 2008 housing crisis had a significant impact on Brea’s real estate market in the short term, the city’s real estate industry has proven to be robust and resilient in the face of challenges.
