Fueled by strong growth in the stock market and the rise in baby boomers buying second homes, vacation home sales surged in 2014, reaching their all-time high since NAR began its annual Vacation and Investment Home Buyers Survey in 2003.
With such a huge jump in (57.4%) in vacation sales from a year ago, you may be asking: “who are these vacation buyers and what are they buying?”
Read some of the highlights below, and be sure to check out the wonderful infographic created by NAR Research!
Key Findings of Vacation Sales
- Median sales price – $150,000; -11.1% from 2013
- All-cash buyers – 30%; 38% in 2013
- HH income – $94,380; $85,600 in 2013
- Type of Property – 54% bought single-family home; share of townhouse/rowhouse (18%) and condo (27%) both increased from 2013
- Median distance – 200 miles; 180 miles in 2013
- Primary reasons for purchase – 33% family retreat/vacations; 19% convert to primary residence
- Location – 41% bought in South