- Vacation home market top dog in 2020 housing market
- Vacation home sales jumped +16.4% in 2020 while existing home transactions saw increase of +5.4%
Vacation Home Market Top Dog in 2020 Deals and Prices
According to a new report from the National Association of REALTORSÂ® (NAR), Â the vacation home market was the star of the overall 2020 housing market boom.
Vacation home sales jumped +16.4% y/y while existing home sales overall increased +5.6% y/y in 2020.
Likewise, vacation home median prices jumped +14.2% y/y while non-vacation-home counties experienced an annual price hike of +10.1%. Â (All data generated by theÂ National Association of REALTORSÂ® (NAR).)
NAR Optimistic about Staying Power of Vacation Home Sales and Prices
Lawrence Yun, NARâ€™s chief economist, said, â€œVacation homes are a hot commodity at the moment.Â With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.â€
Strongest Growth Regions for Vacation Homes
According to NAR, the South Atlantic region of the country (Delaware, Florida, Georgia, Maryland, North and South Carolina, Virginia, West Virginia and Washington DC) saw the strongest growth in vacation home sales during 2020.Â Closed transactions jumped nearly +31% in the regionâ€™s vacation-home counties.
The Mid-Atlantic region of the country (New Jersey, New York, Pennsylvania) followed in deal growth at +27.8% for vacation home sales
Growth in Vacation Home Sales Continues into 2021
For the first four months of 2021 through the end ofÂ April, vacation home sales exploded by an eye-popping +57.2% as compared to the +20% annual growth experienced in existing home sales, according to NAR.
(Remember, in case youâ€™re getting too excited, during the first four months of 2020, the COVID pandemic essentially froze much of the country including real estate activity.)
Thanks to the National Association of REALTORSÂ® and MansionGlobal.
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