Within the listing of prime 10 markets for second dwelling transactions this yr, Newport County, Rhode Island, takes the lead with a formidable 64% surge in second dwelling transactions in 2023, marking a big improve from 2022.
Fairfield County, Connecticut (14%) and Westchester County, New York (10%) stand out as New York Metropolis suburbs, showcasing the enduring attraction of metro-adjacent places. On the West Coast, Douglas County, Nevada (13%), and Island County, Washington (11%), skilled important year-over-year will increase in second dwelling transactions. Douglas County, nestled on the southeastern border of Lake Tahoe, whereas Island County, dwelling to Whidbey Island, attracts consideration for its Pacific Northwest panorama.
“In in the present day’s dynamic actual property panorama, it is no shock to witness metro-adjacent counties like Fairfield and Westchester, main the charts in second dwelling transactions. With the onslaught of hybrid back-to-office insurance policies by a number of firms, dwelling consumers are looking for the proper mix of spacious, nature-centric residing, all whereas sustaining the comfort of a brief practice trip to the town,” stated Pacaso CEO and Co-Founder Austin Allison.
Locations to observe in 2024
The highest market to regulate in 2024 is Volusia County, Florida, witnessing a exceptional 47% year-over-year improve in common second dwelling worth. Volusia additionally skilled a surge in second dwelling transactions, registering a 19% development and rating because the second-largest year-over-year enlargement.
Different counties experiencing important appreciation developments embrace Washoe County, Nevada, dwelling to Reno, which witnessed a formidable 26% improve in worth from 2022, credited to its proximity to Lake Tahoe, absence of state revenue tax, and the attraction of less-crowded ski resorts like Mt. Rose. In the meantime, Brunswick County, North Carolina, the state’s southernmost county, skilled a parallel 26% appreciation. Notably, Jefferson County, Colorado, a Denver suburb, noticed a formidable 37% appreciation. Summit County, Utah, dwelling to the favored year-round vacation spot Park Metropolis, demonstrated a formidable 18% improve in second dwelling values from 2022 to 2023.
“Expedia not too long ago highlighted the phenomenon of ‘vacation spot dupes’—budget-friendly alternate options to standard places—which have left a long-lasting impression on the journey scene,” stated Allison. “It appears this development is extending into the true property realm, with locales offering extra inexpensive housing choices whereas providing comparable facilities, entry to outside actions, scenic seashores, and charming cities, akin to their extra well-known counterparts. Think about Bald Head Island, North Carolina, as a dupe to South Carolina’s Kiawah or the Charleston barrier islands, Mt. Rose as an alternative to Tahoe’s ski resorts, and even Golden, Colorado, as an alternative choice to the anticipated Colorado mountain cities.”
To view the whole report and methodology, please go to the Pacaso weblog.
About Pacaso
Pacaso® is a technology-enabled market that modernizes actual property co-ownership to make proudly owning a second dwelling attainable and pleasant for extra individuals. Pacaso curates luxurious listings with premium facilities and high-end modern inside design, gives ⅛ to ½ possession with built-in financing, and, after buy, professionally manages the house and helps seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in 40 prime second dwelling locations around the globe. Pacaso has been licensed as a Nice Place to Work and is acknowledged as considered one of Glassdoor’s 2022 Greatest Locations to Work.
Study extra about Pacaso and think about listings at Pacaso.com and join with @PacasoHomes on Instagram and Twitter.
SOURCE Pacaso
