Florida Takes The Lead In Second-Home And Luxury-Home Sales

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Florida Takes The Lead In Second-Home And Luxury-Home Sales

May 22, 2023 | News | 0 comments

Pacaso has published information regarding the most popular second-home markets in the United States so far this year. To compile the list, the company relied on Optimal Blue data to pinpoint the top 15 U.S. markets, considering counties with the greatest volume of second home and luxury home transactions between January 1 and May 3, 2023.

Florida emerged as the favored choice for second home buyers in 2023, with eight of the 15 counties experiencing the highest number of transactions located in the Sunshine State. Maricopa County, Arizona, secured the top position nationwide with its vibrant desert cities of Phoenix and Scottsdale, boasting top-notch golf courses, renowned dining establishments, abundant hiking trails, and thrilling entertainment choices that attract vacationers.

In 2023, Horry County, South Carolina, holds the second position as a sought-after destination for second homes, offering the most affordable real estate among the top locations, averaging $375,000. Myrtle Beach’s extensive sandy coastline, thrilling attractions, and celebrity-designed golf courses contribute to its popularity as a beloved vacation spot.

Lee County, Florida, secures the third spot in the rankings, known for Fort Myers, situated on the Gulf of Mexico. Fort Myers consistently ranks among the nation’s premier destinations for activities like beachcombing, shelling, kayaking, and bird watching.

The data also reveals that Manatee County, Florida, Broward County, Florida, and Sarasota County, Florida, have experienced substantial year-over-year price appreciation for both second homes and luxury properties.

With an average value of $989,000, Cape May County, New Jersey, claims the top spot for the most expensive second home real estate among the counties with the highest number of transactions in 2023. Situated on the Jersey Shore, Cape May County has long been a favored summer destination for East Coast residents and remains a sought-after location for second homes in 2023. Avalon, a beloved town within the county, is particularly popular among buyers seeking a coastal getaway.