Lost in all the chatter about urban dwellers permanently relocating to places like Cape Cod in response to the virus crisis is the fact that vacation or second homes remain very popular.
The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows an increase in vacation home sales continuing 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.
Here are some stats:
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.
In the New England, properties in vacation home counties typically sold 24 days faster compared to non-vacation home counties.
The NAR report 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.
Vacation home owners decide to sell for a variety of reasons from the kids getting older and being more interested in spending time with friends and not vacationing with parents to the prohibitive cost of maintaining two residences.
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 as there are still plenty of buyers in the market.
Curious about the possibilities? Let’s connect at 508-568-8191 or email@example.com. We’d be happy to help you review your options.
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Mari and Hank