Pacaso, the real estate marketplace focused on the second home market, announced its Top Second Home Markets Report for 2023.
Rhode Island’s Newport County (home to the swanky Newport resort) topped the list of 2023 markets with the greatest year-over-year increases in second home transactions, recording a 64% increase where the average sales prices were slightly over $2 million. Florida’s Volusia County (home to Daytona Beach) placed second with a 19% year-over-year transaction spike and an average sales price of $4.1 million, while Maine’s York County (home to Kennebunkport) saw a 16% year-over-year uptick and an average sales price of approximately $2 million.
Rounding out the top five were Connecticut’s Fairfield County (home to Greenwich) and Maine’s Cumberland County (home to Portland), which both recorded 14% year-over-year transaction increases. Fairfield County’s average sales price was $2.2 million and Cumberland County averaged $1.7 million.
Looking ahead to 2024, Pacaso highlighted a growing trend in the second home market. Destinations to watch in 2024.
“Expedia recently highlighted the phenomenon of ‘destination dupes’—budget-friendly alternatives to popular locations—that have left a lasting impact on the travel scene,” said Pacaso CEO and Co-Founder Austin Allison. “It seems this trend is extending into the real estate realm, with locales providing more affordable housing options while offering comparable amenities, access to outdoor activities, scenic beaches, and charming towns, akin to their more famous counterparts. Consider Bald Head Island, North Carolina, as a dupe to South Carolina’s Kiawah or the Charleston barrier islands, Mt. Rose as a substitute for Tahoe’s ski resorts, and even Golden, Colorado, as an alternative to the expected Colorado mountain towns.”
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