The data in the report is based on a Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue.
Pandemic-driven demand for second homes is soaring as many affluent remote workers opt to spend at least part of their time in vacation destinations, even as some companies are planning for workers to return to the office. The annual rise in demand for second homes is nearly quadruple the 34% year-over-year gain for primary homes.
The surging interest in vacation homes is indicative of the uneven financial recovery taking place throughout the
"This recession has driven wealthy and low-income Americans further and further apart, and the soaring demand for vacation homes during the pandemic is a perfect example of their unequal financial footing, with some people buying second homes and others unable to buy their first," said Redfin Chief Economist
Home prices in seasonal towns are up 19% year over year
Home prices in seasonal towns, where second homes are often located, are up more than prices in non-seasonal towns. The median sale price for homes in seasonal towns rose 19% year over year in February—the most recent month for which data is available—to
For homes in non-seasonal towns, the median sale price rose 16% to
While home prices are up significantly almost everywhere in the country, the fact that they're up more in seasonal towns is an indication that out-of-towners and second-home buyers are impacting those markets, pushing prices up for locals.
To read the full report, including charts, please visit: https://www.redfin.com/news/second-home-demand-record-high.
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Redfin Journalist Services: Erin Osgood, 206-588-6863, email@example.com