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
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021
Black Couple 'Erased Themselves' From Home, Receives Higher Appraisal

Paul Austin and his wife, Tenisha Tate-Austin are looking to take legal action after receiving a higher appraisal on their home only after “white-washing” their home by removing any trace of themselves.

Industry News
Dec 06, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021