From the ocean to the mountains, remote work fueled an unprecedented boom for vacation homes across the U.S.
Sales of the properties soared 16% in 2020, nearly triple the gain for all existing homes, which was 5.6%, according to the National Association of Realtors.
Buyers seeking a retreat flooded the market in the second half of last year, after Covid-19 lockdowns lifted. City-dwellers seeking out more space flocked to the mountains of Aspen, Colorado, the beaches of Miami and points in between.
In vacation-home counties, the median sale price of an existing property rose 14%, compared with a 10% gain in other counties, the Realtors group said in a report Tuesday.
With many businesses still giving employees an option to work remotely, “vacation housing and second homes will remain a popular choice among buyers,” said Lawrence Yun, the group’s chief economist.
Still, more workers are returning to the office, a trend that may help slow demand for vacation homes. An analysis by Redfin Corp. showed that while purchases last month were elevated from year-earlier rates, they had cooled from the frenzied levels seen earlier in the pandemic.
This article was provided by Bloomberg News.