#United States #San Francisco #Pacaso #vacation homes #luxury

Pacaso's 2024 Vacation Home Market Insights

Pacaso, the innovative platform revolutionizing luxury vacation home ownership, has published its fourth annual Top Vacation Home Markets Report for the year 2024. This meticulous analysis is based on various metrics, including second home mortgage rates, transaction volumes, and pricing trends, particularly focusing on properties exceeding $700,000.

According to Pacaso, which specializes in facilitating the purchase, co-ownership, and sale of upscale vacation properties, the report identifies the top 20 counties in the United States that are experiencing significant growth in second-home acquisitions. The company's co-founder and CEO, Austin Allison, emphasizes that the list reflects not only traditional prime vacation spots but also emerging locations that are gaining popularity.

Among these standout destinations, Cape May County, New Jersey, claims the top position, showcasing an astonishing ratio of over 150% of second homes compared to primary residences. Iconic beach towns like Ocean City and Avalon contribute to its appeal, making it a prime locale for potential buyers.

In Florida, the Walton and Gulf counties, part of the picturesque Panhandle region, are solidifying their status as favorite coastal choices. Notably, these areas are surpassing previous leaders in vacation home sales, such as Palm Beach and Collier counties. The competition is intense as these locales offer stunning natural beauty and access to outdoor activities.

Moving westward, Washington County, Utah, located near Zion National Park, Coconino County, Arizona, home to the Grand Canyon, and Gallatin County, Montana, adjacent to Yellowstone National Park, all illustrate the soaring popularity of destinations rich in natural beauty. These regions cater to buyers seeking adventure and the allure of the great outdoors.

As 2024 inches closer, experts at Pacaso note a decrease in mortgage rates and a substantial rise in home purchase applications, marking the highest levels since January. This uptick, combined with increasing inventory, is fueling optimism about the real estate market, especially for second homes, as prospective buyers anticipate a flourishing environment throughout 2025.

Furthermore, the report underscores the ongoing allure of traditional vacation areas such as Cape Cod in Barnstable County, Newport, Rhode Island, and Maui County in Hawaii. These classic destinations continue to captivate affluent buyers with their unique charm and timeless appeal, fostering lasting family memories.

To dive deeper into the detailed findings and methodology behind the ranking, interested readers can visit Pacaso's official website at Pacaso.com. Founded in 2020 by Allison and Spencer Rascoff, Pacaso is redefining the luxury real estate landscape by offering families an accessible and seamless path to co-owning and managing upscale vacation homes.

Conclusion

Pacaso's report not only sheds light on where the market is headed but also reflects the changing dynamics of vacation home ownership. As individuals seek properties that offer not just weekend escapes but lasting lifestyle investments, these top-performing counties are well-positioned to meet the evolving desires of today’s luxury property investors.