Prices in second-home markets jumped +19.9% y/y in April.
Most Popular Second-Home Markets Saw For-Sale Prices Increase +25% y/y in April
Four of the five most popular second-home destinations in the US saw rental prices rise more than 25% y/y in April. Those four destinations included:
- Phoenix AZ
- Cape Coral FL
- Naples FL
- Las Vegas NV
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Myrtle Beach, the fifth of the most popular second-home markets in the US, saw its for-sale prices rise +30.6% y/y to $307,000 in April.
According to Redfin’s deputy chief economist Taylor Marr, “The popularity of vacation towns has sent housing costs through the roof, making it harder for many locals to afford living in their homes.”
The typical home located in a second-home market sold for $515,423 in April, an increase of +19.9% y/y.
A typical home located in a non-second-home market sold for a record $389,156 in April, a price increase of +14.8% y/y.
Rental Prices in Second-Home Markets Also Increased Disproportionately
Average rental prices in second-home markets jumped +17.1% y/y in April to $1,883/month, according to Redfin. Rental properties in non-second home locations saw prices rise +10% y/y during this same time period.
The Phoenix market saw the biggest jump in both for-sale and rental prices with rental prices rising +32.8% y/y to $1,946/month and sale prices hitting $495,000, an increase of +25.3% y/y in April.
Cape Coral saw an increase of +41% in rental prices and +38.2% in sale prices while Naples saw rental prices jump +37.7% and sale prices increase +37.6%.
Purchase Applications for Second Homes Up…Way Up
Purchase applications increased from 2018-19 to 2020-21 by leaps and bounds in these five favorite second-home destinations. Take a look:
- Phoenix – +23%
- Cape Coral – +59%
- Naples – +75%
- Myrtle Beach – +38%
- Las Vegas – +16%
Remember…what goes up goes down and these sale/rental prices could go down quickly in our current environment of rising interest rates and stock market volatility.
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Thanks to Redfin and MansionGlobal.