Posted in Industry News
Vacation Home Market Surge in Unexpected Cities
With summer right around the corner, many people will be heading to a vacation home rather than a hotel or resort. According to a statement from Lawrence Yun, the Chief Economist for the National Association of Realtors “Baby boomers at or near retirement continue to propel the demand for second homes.”
Although vacation home sales have steadily risen in the past decade, there aren’t a lot of new vacation homes being built in ultra-pricy places like the Hamptons or Nantucket anymore. Buyers are finding they can get much more for their money in some surprising new locations. According to research from Trulia, here are five cities where vacation home builders are doing extremely well:
- McGaheysville, Virginia (median vacation home price: $224,900) – This area has become a vacation home haven because it offers both water parks in the summer and skiing in the winter. The chic Massanutten ski resort and other local attractions are less than three hours’ drive from both Richmond and Washington, D.C.
- Hinckley, Minnesota (median vacation home price: $118,308) – This is a fishing and outdoor sports paradise in the summer, plus a year-round casino town. Hinckley is less than an hour and a half from metro Minneapolis.
- Nancy, Kentucky (median vacation home price: $130,000) – This community is on the east side of Lake Cumberland – and it’s an easy drive from Knoxville, Tennessee, and Louisville, Kentucky. Nancy is just a stone’s throw from the beautiful Daniel Boone National Forest, and vacation homes here are priced far lower than those in the Smoky Mountains/Gatlinburg area.
- Halletsville, Texas (median vacation home price: $200,157) – In this sparsely populated area between the mega-cities of San Antonio and Houston, you can play weekend rancher for far less than what it costs George W. Bush. Mild winters and rural charm are the big attractions here.
- Sunset Beach, North Carolina (median vacation home price: $215,000) – Here you can enjoy golf and great beaches for a fraction of what you’d pay in nearby Myrtle Beach. And it’s only about three hours from bustling Charlotte and the Raleigh/Durham area.
Be on the lookout for the NAR’s 2017 Investment and Vacation Home Buyer’s Survey results later this year.
Whether you specialize in vacation home properties or are simply interested in learning more about this growing segment, it’s worth keeping an eye on these smaller destination markets that are attracting vacation home buyers.
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