Troy Ippolito, CEO of Troy Dean Homes, and agent Steve Hall, founder of Compass, talk about the possibility of Elon Musk buying a property near Mar-a-Lago, or Miami’s tech innovation hub.
There were some changes in America’s hottest ranking. real estate market This year saw a huge increase in popularity for high-end holiday homes compared to last year, and took the top spot this year.
A latest analysis Second-home co-ownership marketplace Pacaso revealed which U.S. counties were the hottest markets for luxury vacation homes in 2024, based on growth in second-home activity, the ratio of second homes to primary homes and properties priced above $700,000. Based on demand.
According to the findings, the most sought-after locations for second homes in 2024 were:
1) Cape May County, New Jersey
A general view of Ocean City, New Jersey. (iStock/iStock)
Cape May County, near the Jersey Shore, fell from the top 20 last year to the title of No. 1 second domestic destination in 2024, and it wasn’t even close, the report showed.
Bozeman, Montana is home to a booming real estate market
According to the analysis, Cape May leads this year’s list with a staggering ratio of second homes to primary residences at more than 150%, thanks to its iconic beach cities like Ocean City and Avalon.
Pacasso attributed the area’s growth to its mix of family-friendly activities, nightlife, cultural experiences and expansive beaches, as well as its proximity to urban centers. new york city And Philadelphia.
2) Gulf County, Florida
Port St. Joe is a small town in the Florida Panhandle. (iStock/iStock)
3) Walton County, Florida
“In Florida, Bay, Walton and Collier counties – home to Panhandle towns along 30A and Naples – are emerging as top luxury home destinations, offering prime oceanfront properties that are rare in hotspots like Miami and Palm Beach. are,” explained Austin Allison, CEO of Pacaso. fox business,
Top housing markets for 2025 revealed in new forecast
While Florida’s East Coast counties like Palm Beach (#13 on the list) are known for vibrant nightlife and cultural attractions, buyers continue to be attracted to the exclusivity of oceanfront living that the state’s West Coast offers to families, Pacasso said. Provides to.
4) Barnstable County, Massachusetts
A couple walks on Coast Guard Beach in Eastham, MA on July 21, 2020. (Craig F. Walker/The Boston Globe via Getty Images/Getty Images)
Pacaso said Barnstable County, MassachusettsHome of iconic Cape Cod, continuing to see growth in vacation home purchases in 2024.
“This heritage destination has been a popular vacation home market for decades,” he said, “renowned for its charming seaside communities and historical ties to the Kennedy family, who vacationed there and owned the famous Kennedy Compound.”
Get Fox Business by clicking here
5) Collier County, Florida
Naples municipal beach, looking north with luxury hotels and condominiums in the background. (Paul Harris/Getty Images/Getty Images)
During the COVID-19 pandemic, many people flocked to Florida counties known for their vacation homes due to the state’s favorable tax climate and a desire for more living space. Collier County in the Florida Panhandle, with an already strong market for second homes, became a popular destination for snowbirds. Naples and Marco Island are more notable cities located within the county, where the average second home price exceeds $896,000.
