There has never been a better time to buy a second property for use as a vacation getaway. As more people are opting to work remotely, demand for vacation homes has increased across the board and even globally, with nations like Mexico and Italy experiencing a particularly high influx of U.S. buyers.
According to a new analysis from vacation-property sharing operator Pacaso, the typical sale price of second homes across the country increased by nearly octordle 20 percent year over year during the first quarter of 2022. The most popular counties were determined by analyzing the six that had second-home values rise by more than 50 percent.
The clear victor is Idaho's Valley County, where the median price of a second house is up a stunning 98% since 2021. The beautiful Payette Lake and the nearby resort town of McCall make this county an outdoor enthusiast's dream.
Cumberland County in Maine comes up at number two, with a first-quarter 2022 increase in vacation home prices of 91.3%. The county is home to three major cities (Portland, South Portland, and Westbrook), but it also has many islands and coastal communities (like Cape Elizabeth) that draw tourists with their laid-back atmosphere, gorgeous ocean views, and rich historical heritage.
The typical price of a second home in Texas's Gillespie County increased by 77.7 percent last year, making it the third fastest-growing market in the US. Nearly 80 miles west of Austin and 74 miles north of San Antonio, this area is popular with city dwellers thanks to its abundance of wineries, attractive vineyards, and bucolic scenery. Speaking to Travel + Leisure, Austin Allison, co-founder and CEO of Pacaso, said that "the permanent trend toward work from home has forever transformed the way people work," allowing second homebuyers greater freedom to spend time away from their primary home and office. Demand for second homes in regionally driven destinations is increasing at a quicker rate than in top destinations like Aspen and Malibu due to increased property price appreciation.
The firm also rated the counties that saw the biggest sales of vacation homes. Among Georgia's 159 counties, Fannin County stood out thanks to a phenomenal growth in sales of 109.8 percent compared to the previous year. Silver goes to Lincoln County, New Mexico, where the number of second homes sold increased by 61.5% from the first to the second quarters of 2022. Many families are looking for a second home where they can spend more time living and working, so communities within a short drive of major metro areas are gaining interest, said Allison, who also noted that proximity to outdoor recreation and "a desire for community connection" are the leading factors in second home purchases.
