The pandemic created a huge interest in vacation homes all over the country. Over the past year, many people have bought a second home as a safe escape from the challenges of the health care crisis.
With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from the cities and to counties with more vacation destinations.
O 2021 Holiday home municipalities report from National Association of Realtors (NAR) shows that this increase in vacation home sales continues into 2021.
The report examines sales in counties where "houses seasonal, occasional or recreational vacancies represent at least 20% of the housing stock" and compares this data to the overall residential market.
Their findings show:
- sales of vacation homes increased 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing home sales.
- Vacation Home Sales increased 57.2% year over year during January-April 2021 compared to the 20% year-over-year change in total existing home sales.
- House prices increased the most in counties with vacation homes - the existing average price increased 14.2% in municipalities with vacation homescompared to 10.1% in counties without vacation homes.
This coincides with the data released by Zelman & Associates about the increase in sales of second homes nationwide last year.
As the data above show, there is still high demand for a second home in 2021, even with the end of the pandemic. Although we may see an increase in the number of second-home sellers as life returns to normal, the low supply and high demand continuous will continue to provide these vendors with a good return on investment.
SUMMARY
If you are one of the many people who bought a vacation home during the pandemic, you are probably wondering what that means for you. If you are thinking about selling that home as life returns to normal, you have options. There are still plenty of buyers on the market. If, on the other hand, you intend to keep your second home, take advantage of it! Current market conditions show that it is a good ongoing investment.
Are you in doubt?
Now that you know a little more about the behavior of the dollar in times of crisis and in times of economic strength, we can help you understand the behavior of the real estate market and consider investing in vacation homes in orlando. To take advantage of all the tips we have brought to you and go even deeper, you can talk directly to our relationship agents. They are always happy to talk to you with any questions you may have about investing in Florida.
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