With the summer season ramping up, it’s a good time to take a look at the vacation-home market.
The NAR reported lower vacation-home sales in 2015, despite the fact that the numbers were the second highest in about 10 years. There were approximately 920,000 vacation-home sales nationally compared to 1.13 million in 2014.
Sales estimates are based on a national online survey that includes over 2,000 participants in the US who purchased residential properties last year. Institutional investment activity was excluded from the findings.
The median vacation-home price came in at $192,000 – half the homes sold for more half or less. That’s 28 percent up from 2014 when the median was $150,000.
Vacation home sales accounted for 16 percent of all transactions in 2015 – down from 2014 (21 percent) but still the second highest share since 2003.
This could be due to a variety of factors including a higher median household income in 2015. More vacation buyers are buying single-family homes compared to a year ago, shifting away from condos and townhouses. Location wise, the majority chose beach areas (40% of buyers) compared to 19% choosing mountain or lakefront and 16% purchasing in the country.