The vacation home market was hot last year with 717,000 vacation-home sales during the year in the U.S., an increase of 29.7% from the year before, according to the National Association of REALTOR’s (NAR) 2014 Vacation Home Buyers Survey. In spite of the large increase last year, vacation home sales are still down about one-third from the peak of vacation home sales activity seen in 2006.
What did vacation homes sell for in 2013?
The median price paid for a vacation home in 2013 was $168,700, an increase of 12.5% from 2012 when the median price was $150,000. In 2013, vacation home sales were responsible for 13% of all home sales, the highest share of the market seen by vacation homes since 2006, according to the NAR survey. Not surprising is the fact that 38% of the vacation home buyers paid cash for the homes with the remainder financing the purchase with a median downpayment of 30%.
Who is buying vacation homes?
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