Throughout the last year, there was a tremendous increase in the interest of vacation homes across the country due to the pandemic. This is attributed to the many people who purchased second homes as a way to escape from the challenges of the health crisis. With many professionals working from home and students taking classes remotely, it made sense to see buyers migrating away from cities and into vacation destinations.
The National Association of Realtors (NAR) recently reported that this increase in vacation home sales has continued in 2021. NAR examined sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compared that data to the overall residential market. Here are their findings:
- Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing 5.6% growth in total existing-home sales.
- Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
- Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
As displayed by the data, demand for vacation homes is still high, even as the pandemic comes to a close. While we may see these second homes go up for sale as life returns to normal, current market conditions will provide those sellers with a good return on their investment.
If you’re one of the many people who purchased a vacation home during the pandemic, you may be considering selling as the pandemic winds down. Connect with one of our agents today to learn about what the right options are for your current circumstances.