Hot Vacation Home Markets Ripe for Investment in 2024
Lisa Mailhot | April 12, 2024
Buyers
Lisa Mailhot | April 12, 2024
Buyers
As the primary housing market navigates challenges like low inventory and high mortgage rates, the vacation home sector is emerging as a lucrative opportunity. New trends, such as metro-adjacent homes and rising vacation destinations, offer significant price appreciation and access to outstanding amenities – a potential goldmine for savvy agents.
According to data analyzed by Pacaso, a real estate firm specializing in co-ownership of luxury second homes, several markets across the United States are leading the charge in vacation home value growth. Here are the top destinations to watch in 2024:
The Sunshine State attracts buyers, with three counties securing spots on the watchlist. Volusia County leads the pack with a staggering 47% year-over-year increase in average second home value to $4,105,174. Orange County and Indian River County are also hot spots, with over 20% appreciation for luxury second homes.
The trend of "destination dupes" – budget-friendly alternatives to popular locations – extends into real estate. Washoe County, Nevada (home to Reno, the "biggest little city") experienced a remarkable 26% appreciation in second homes to $2,431,955. Brunswick County, North Carolina, and Jefferson County, Colorado, also witnessed impressive gains of 26% and 37%, respectively.
Summit County, Utah, the beloved home of the year-round destination Park City, has seen an 18% increase in second home values to $2,588,937 from 2022 to 2023. This cherished market remains a must-watch, with homes consistently delivering significant resale gains.
As buyers flock to these vacation home markets, agents can offer compelling solutions like co-ownership to drive more sales. With co-ownership listings curated in regionally-relevant destinations, agents can appeal to clients seeking the perfect vacation home while expanding their inventory and earning potential.
If you're an Orange County resident seeking a luxurious vacation home investment in one of these hot markets, let's connect. I'll guide you through the process and help you capitalize on these incredible opportunities.
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