Diamond Bar’s real estate market began to take shape in the 1950s and 1960s when the area was primarily used for ranching and agriculture. At the time, there were only a few scattered homes in the area.
In the 1960s, the Transamerica Corporation purchased a large portion of land in the area with plans to develop it into a master-planned community. The company worked with a team of architects and planners to design a community with a variety of housing options, parks, schools, and commercial centers.
Significant changes and developments over the years
The first homes in Diamond Bar were built in the late 1960s, and the community quickly began to grow. The early residents of Diamond Bar were primarily young families who were attracted to the area’s suburban feel and proximity to major cities such as Los Angeles and Anaheim.
During the 1970s and 1980s, Diamond Bar’s real estate market continued to grow, with new housing developments, commercial centers, and public facilities being built. The city also became known for its excellent schools, which further increased its appeal to families.
Today, Diamond Bar’s real estate market is considered to be one of the strongest and most desirable in the region, with a variety of housing options available and increasing home values. However, it’s important to note that the real estate market, like any other, is subject to fluctuations and trends over time.
The Impact of the 2008 Housing Crisis on Diamond Bar's real estate market
The 2008 housing crisis significantly impacted the real estate market across the United States, and Diamond Bar was not immune to its effects. Like many other cities, Diamond Bar experienced a decline in home values and an increase in foreclosures and short sales.
In the years leading up to the housing crisis, a boom in subprime lending and risky mortgage practices contributed to the housing market bubble. When the bubble burst, many homeowners found themselves unable to make their mortgage payments, and lenders foreclosed on their properties.
In Diamond Bar, the number of foreclosures and short sales increased significantly during the housing crisis. The median home value in Diamond Bar dropped from a high of $695,000 in 2007 to a low of $480,000 in 2012. However, since then, home values have steadily increased, and as of 2021, the median home value in Diamond Bar is around $800,000.
The housing crisis also had an impact on new housing development in Diamond Bar. Many developers who had planned to build new homes in the area were forced to halt their projects due to the economic downturn.
Overall, while the 2008 housing crisis negatively impacted Diamond Bar’s real estate market, the area has since recovered and is now considered a highly desirable and stable market.