As the primary residential market continues to grapple with low inventory and high mortgage rates, the vacation home market has given rise to a new trend. These include metro-adjacent residences and new leading resorts. These markets offer significant price appreciation and great amenities, providing agents with a potential gold mine.
Here are the top holiday home markets for agents to watch this year, and how they can attract these buyers through increasingly relevant solutions like shared ownership.
Source: Pacaso analysis of First American Data & Analytics year-to-date second set of trading data.
Enjoy the sunshine in Florida
The influx of people to Florida that began during the pandemic continues, and three Florida counties have been added to the watch list. The market that deserves the most attention is Volusia County, Florida, where the average value of second homes increased 47% year over year, and the number of second home transactions surged 19%. Orange and Indian River counties in Florida are also on this must-see list, with luxury second homes experiencing appreciation rates of over 20%.
destination deceived
Expedia.com The phenomenon of “destination spoofing” – affordable alternatives to popular locations – has recently been highlighted. This trend appears to be extending to the real estate sector, with local areas offering more affordable housing options but with amenities on par with their more prestigious counterparts.
In Washoe County, Nevada, home to Reno (also known as “The Biggest Little City”), second home values have increased by 26% since 2022. North Carolina’s southernmost Brunswick County also experienced appreciation of 26%, while Jefferson County, Colorado saw an impressive 37% appreciation.
Park City prevails
Summit County, Utah, home to treasured year-round destination Park City, saw an impressive 18% increase in second home values from 2022 to 2023. It’s no surprise that this beloved destination remains a must-see. Homes within the Park City Parkasaw market continue to generate significant resale gains.
Growing market, more opportunities
As buyers focus on these vacation home markets, agents have the opportunity to provide clients with compelling solutions that drive more sales.In Pacasso we see co-ownership continue grow as a smart or even default way to buy a vacation home. We’ve answered the call and curated popular listings in regionally relevant destinations across the country so buyers can find the right vacation home.
More co-owned listings means more inventory and more opportunities for agents to make money and drive new business.Learn more about how agents can work with Pacaso to generate interest in vacation homes and vacation rentals attract their customers.
method
To identify the most noteworthy U.S. markets, Pacasso analyzed the U.S. counties with the greatest appreciation in second home values over $1 million. From 2022 to 2023. The data, provided by real estate analytics firm First American Data & Analytics, includes sizable market shares and is considered representative of the market as a whole.
About Pacasso
Pacaso is the leading co-ownership marketplace for buying, owning and selling luxury vacation homes. We offer fully managed LLC co-ownership – a smart solution for buyers who want to enjoy their vacation home without paying for the entire property and dealing with the hassle. We carefully curate the best listings, with shares starting at $200,000. When a client purchases a share of a Pacaso home in any market, regardless of where the agent is licensed, the agent earns the full 3% referral commission.
