There’s no question many households hunkered inside and away from the cold this weekend will be wishing they had a vacation home in a warmer climate.
Already coming off the heels of a record-setting, East Coast blizzard a few weeks ago, the upcoming weather forecast looks downright frigid for much of the U.S.
According to NAR’s 2015 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2014, vacation home sales catapulted (57.4 percent from 2013) to an estimated 1.13 million, the highest amount since the survey began in 2003.
While we wait for 2015 data set for release on April 6th, who knows what a stable labor market and this freakish winter weather will mean for vacation home sales in the future?
Using NAR Research’s fourth quarter (2015) single-family median metro home prices, below are some popular and affordable metro areas (below U.S. median home price of $222,700) where the only cold tingling through your fingers comes from holding a frozen margarita too long.
An interesting tidbit if you’re considering Florida: many of the fastest appreciating housing markets last year were in the Sunshine State. You can thank a combination of solid job gains, above average shares of vacation and foreign buyers and little new construction as the reasons behind the spectacular price growth.
Even if the thought of buying a second home is a faraway fantasy at this point, it’s never too early to start dreaming!
Fourth quarter median single-family metro home prices below the national median price ($222,700):
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.