CHICAGO, Illinois: The sales of vacation homes grew at twice the rate of other homes during the Covid pandemic.
In a report released by the National Association of Realtors, figures indicate that the sales of vacation homes increased by 24 percent in 2020, which was more than double the 11 percent increase of other homes.
Additionally, the value of vacation homes increased by 14 percent during the same period, compared with 10 percent among non-vacation-homes.
Also, the report said that purchasers of vacation homes were more likely to pay in cash.
The most active vacation markets were concentrated in 16 states, including North Carolina, New York, Vermont and Massachusetts. The top county for the sale of vacation homes was Lee County in Florida, which includes Fort Myers and Cape Coral.
In the next most active market, Oscoda County, Michigan, home sales increased by 54 percent in 2020, while the median sales price increased by 79 percent, according to the report.
The increased sale for vacation homes was a result of the move to work from home, as well as children being taught online, which gave families the flexibility to relocate.