“Vacation home sales are up 57.2% year-over-year during January-April 2021.”
The pandemic created a tremendous interest in vacation homes across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from cities and into counties with more vacation destinations.
The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.
Their findings show:
- Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
- 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.
- 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.
This coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.
As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.
Bottom Line
If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.
To view original article, visit Keeping Current Matters.
On the Fence of Whether or Not To Move This Spring? Consider This.
When buyers have to compete with one another like this, they’ll do everything they can to make their offer stand out.
Is It Time to Buy a Smaller Home?
There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.
Why a Real Estate Professional is Key When Selling Your House
Real Estate professionals have the skills, experience and expertise to navigate the highly detailed and involved process of selling a home.
Using Your Tax Refund To Achieve Your Homeownership Goals This Year
If you’re getting a refund this year, here are a few tips to help with your home purchase or sale this season.
Balancing Your Wants and Needs as a Homebuyer Today
Crafting your home search checklist may seem like a small task, but it can save you time and money.
There Are Several Great Reasons to Consider Buying a Condo Today
Talking with an expert real estate advisor is the best first step to determining if condo living might work for you.