Hot Vacation Home Markets Ripe for Investment in 2024

Lisa Mailhot  |  April 12, 2024

Buyers

Hot Vacation Home Markets Ripe for Investment in 2024

 

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:

Florida Shines Bright

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.

 

Emerging "Destination Dupes"

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.

Park City's Enduring Appeal

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.

Bottomline

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.

 

 

Reference: “These top vacation home markets offer opportunities for every agent” by Pacaso. Published on April 8, 2024.


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