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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY
JULY 2021
Opportunity for remote work pushes demand Continued from page 4 Lawrence Yun, NAR’s chief economist. “With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.” Areas where vacant seasonal, occasional or recreational-use housing account for at least 20 percent of homes – identified as vacation home counties by NAR – saw sales climb at a rate higher than the overall market during this period.
Existing-home sales from 1,060 non-vacation home counties increased by an average of 11.2 percent, while the 145 vacation home counties recorded a jump of 24.2 percent from the prior year. According to the NAR report, median existing-home sale prices in vacation counties also grew faster than in the rest of the country, increasing 14.2 percent compared to 10.1 percent in non-vacation home counties. Properties in vacation home counties, however, did typically remain on the market longer in 2020 than those
in other areas (59 days compared to 30 days). Nevertheless, homes largely sold at a faster pace in vacation home counties compared to the prior year by 13 days, versus just eight days in non-vacation home counties. Overall, the median number of net movers into vacation home counties increased from 78,114 in 2019 to 98,279 in 2020. “The enduring opportunity for remote work will continue to raise the already high demand for property in these counties, particularly in those
counties with reliable broadband internet service,” Yun said. The top 1 percent of vacation home counties in NAR’s report are concentrated in 16 states. North Carolina had four vacation counties: Swain, Alleghany, Macon and Watauga; while Massachusetts (Dukes, Barnstable and Nantucket); Michigan (Oscoda, Alcona and Clare); New York (Greene, Sullivan and Hamilton); and Vermont (Windham, Bennington and Windsor) each had three. The remainder are located in
