Vacation Home Demand on the Rise – NMP Skip to main content

Vacation Home Demand on the Rise

Phil Hall
Oct 10, 2019
Photo credit: Getty Images/Eak8dda

A strong economy, coupled with low mortgage rates, has jacked up the demand and the prices for vacation homes, according to new data from the National Association of Realtors (NAR).
 
The new data focused 206 counties, or 6.6 percent of the total housing market, identified by the U.S. Census Bureau as vacation home counties. The median sale prices within vacation home counties increased by 36 percent between 2013 and 2018, compared to the 31 percent increase during the same period on all existing and new home sales. Leading the list with the greatest price increases during this period were counties in Massachusetts (Nantucket and Dukes, 56 percent; Barnstable, 41 percent), New Jersey (Cape May, 51 percent), Colorado (Grand, Summit Eagle, Jackson and Pitkin, 51 percent), Wisconsin (Vilas, Lincoln, Langlade, Forest and Oneida, 43 percent) and Michigan (Roscommon, Ogemaw, Gladwin, Iosco and Arenac, 42 percent).
 
“Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California,” said NAR Chief Economist Lawrence Yun. “And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions, but are popular nonetheless.”
A strong economy, coupled with low mortgage rates, has jacked up the demand and the prices for vacation homes, according to new data from the National Association of Realtors

 
Published
Oct 10, 2019
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022