Consumers looking for a more reliable escape have been targeting vacation home in the middle of the great outdoors over the past year.
As the Mortgage Rates dropped across the board for 2020, the property owners were drawn from Kissimmee to Palm Springs, California, according to Vacasa's Top 25 List of Best Places to Buy a Vacation Home Report.
There was a range of locations with a plethora of outdoor activities, indicating that families capitalized on tumultuous pursuits during the summer season.
Big Sky, Montana was deemed to be the median market for vacation homes, with a median home sale price of about $541,842.
Many of those who buy in Big Sky live in other parts of the US, but want the opportunity to come to Big Sky multiple times a year to use their properties, has told FOX Business brokerage Callie Pecunies of Big Sky Sotheby's International Realty.They aren't looking for a traditional investment property in the traditional sense of the word but a place that they can pay for while having some rental income to help them.
With more direct flights to Bozeman Airport in the past few years, it has become even easier to get to the area.As a result, agents are seeing both buyers and visitors ranging from east to west, added Pecunies.
In fact, only a few of the homes sold in the past couple of years became permanent residences.
The second place on the list was Cape Hatteras, Pennsylvania, with a median home sale price of about $379,248, followed by the Poconos in North Carolina with a median home sale price of $200,190.
Rounding out the top five were Corolla, North Carolina, followed by Dauphin Island, Alabama.
Since mid-pandemic buyers have decided to adopt second homes that directly impact their well-being - seeking open space, less direct neighbor interaction and outdoor activities that are less restricted, the agent Bradley Bux of Kurfiss Sotheby's International Realty told FOX Business.This ultimately changed what was once a small-key Pocono market, he said.
Additionally, prices in the New Jersey Poconos are very attractive in comparison to the PA shore points.Waterfront properties are less than half price, and hunters have just as much fun on lakes and enjoy skiing in the winter.
According to Vacasa's list, a growing trend is drive-to destinations, which are considered homes within two to two and a half hours from major metro areas.
This isn't the only determining factor when settling on a vacation home according to Harlan Goldberg, senior managing director and head of Bespoke Florida at Bespoke Real Estate.
A big draw is a familiarity, said Goldberg FOX Business.With families and friends spread across the country now more than ever, potential homeowners are given a chance not only to see a new market but also to experience it from the point of view of a resident - a person that they know and trust.
After a while, according to Goldberg, they may decide simply to buy a place rather than visiting it themselves.
Nowadays people are coming down with a completely different mindset, he said.So there are destinations that were now looked at more than a vacation spot by looking at a long term opportunity.
Here are some of the top 10 vacation market according to Vacasa.