By Jesse McCarl
The importance of vacation homes is growing in this booming real estate market. This infographic takes a look at some helpful stats about the significance of summer homes, why they’re booming this year, and what kinds of homes are fastest to get snatched off the market. A lot of this information comes courtesy of the National Association of Realtors.
Real estate agents need to be prepared for an influx of customers looking to buy a vacation home.
- 2014 vacation home sales were up 57.4% from the previous year.
- 1.3 million vacation homes were purchased in 2014.
- Summer home sales accounted for 21% of real estate transactions last year.
Why are summer homes such a big market right now?
- The Baby Boomer generation is buying a 2nd home to become their primary residence upon their (soon) retirement.
- Affluent households considering a second home have had a confidence boost thanks to a strong stock market.
Of those who purchased a vacation home in the last year, here’s what they bought (and why)…
- 33% bought for personal and family retreats
- 54% bought a single family home. 27% bought a condo or townhouse.
- 40% bought a home at the beach. 15% bought a home on a lake front.
- 19% plan to make the summer home their primary residence in the future
- 46% purchased in the South, 25% in the west, 15% in the northeast, and 14% in the midwest.