Orange County is leading the state and the nation in the recovery from the Great Recession, buoyed by a real housing bounce-back. Overall, California and Los Angeles have been recovering faster than the nation as a whole. But Orange County has been a true standout performer. Typically, economists expect housing to lead the national, state and regional economy out of recessions. That hasn’t happened with the Great Recession because the housing bubble got so large. When it popped, the market collapsed.
Pending any drastic changes in Orange County economy, there are a lot of reasons for the real estate market to increase over the next 2 years. Good homes which meet a buyer’s need are getting harder and harder to find. The real estate market will increase in the next two years.
Basic economic laws say “higher demand creates higher prices” and we are seeing this high demand in Orange County.
The cities in Orange County were developed to be well-balanced communities, with real estate designed to make it possible to live, work and play in the same community. The diverse neighborhoods include detached homes, towhnomes and condos at various price ranges that attract first time home buyers, young professionals, growing families and mature adults. From affordable condominium townhomes, to luxurious estates, Orange County real estate has it all.
In the Orange County detached home market, there is a severe shortage of homes in the low end of the market, but the inventory grows as price increases to the mid level, move-up, and high end , and luxury segments of the market.
Orange County is known for its luxurious custom homes and upscale gated communities. Orange County is one of the finest places in the country to call home due to the near perfect weather, beautiful scenery, luxury neighborhoods, strong local economy, plenty of high paying jobs, great public schools, lots of things to do, and so much more.