America’s Hottest Real Estate Markets for Higher-End Vacation Homes in 2024
There were some shifts in the rankings for America’s hottest real estate markets for higher-end vacation homes this year compared to last, and the top spot this year saw a meteoric rise in popularity.
Top 5 Most Sought-After Places for Second Homes in 2024
A fresh analysis from second-home co-ownership marketplace Pacaso revealed which U.S. counties were the hottest markets for luxury vacation homes in 2024, based on increases in second-home activity, the proportion of second homes to primary homes, and demand for properties priced above $700,000.
1. Cape May County, New Jersey
The report showed Cape May County off the Jersey Shore catapulted from outside the top 20 last year to the title of No. 1 second home destination in 2024, and it wasn’t even close. Cape May leads this year’s list with a staggering ratio of second homes to primary residences exceeding 150%, thanks to its iconic beach towns like Ocean City and Avalon, according to the analysis.
Pacaso attributed the area’s rise to its mix of family-friendly activities, nightlife, cultural experiences, and wide beaches, coupled with its close proximity to urban hubs like New York City and Philadelphia.
2. Gulf County, Florida
3. Walton County, Florida
"In Florida, Gulf, Walton, and Collier counties – home to the Panhandle towns along 30A and Naples – are emerging as top luxury home destinations, offering prime oceanfront properties that are scarce in hotspots like Miami and Palm Beach," Pacaso CEO Austin Allison told FOX Business.
4. Barnstable County, Massachusetts
Pacaso said Barnstable County, Massachusetts, home to iconic Cape Cod, continued to see growth in vacation home purchases in 2024.
"This legacy destination has been a popular vacation home market for decades," he said, "renowned for its charming beachside communities and historic ties to the Kennedy family, who vacationed there and own the famous Kennedy Compound."
5. Collier County, Florida
During the COVID-19 pandemic, many people flocked to Florida counties that are known for their vacation homes due to the state’s favorable tax environment and yearning for more living space. Collier County in Florida’s Panhandle, with an already strong market for second homes, became a popular destination for snowbirds. Naples and Marco Island are the more notable cities located within the county, where the average second home costs more than $896,000.
Conclusion
The top 5 most sought-after places for second homes in 2024 are a mix of coastal destinations, with a focus on luxury and exclusivity. These areas offer a range of activities, cultural experiences, and stunning natural beauty, making them ideal for families and individuals looking for a vacation home.
Frequently Asked Questions
Q: What are the top 5 most sought-after places for second homes in 2024?
A: Cape May County, New Jersey; Gulf County, Florida; Walton County, Florida; Barnstable County, Massachusetts; and Collier County, Florida.
Q: What factors contributed to Cape May County’s rise to the top spot?
A: Its mix of family-friendly activities, nightlife, cultural experiences, and wide beaches, coupled with its close proximity to urban hubs like New York City and Philadelphia.
Q: What is driving the popularity of Florida counties like Gulf, Walton, and Collier?
A: The exclusivity of oceanfront living, prime properties, and a favorable tax environment.
