Demand for vacation homes has plummeted from pre-pandemic levels

As the pandemic hit and travel restrictions became widespread, vacation homes became all the more appealing. However, new data shows that demand for such properties has dwindled since before the pandemic. According to a recent report, vacation home sales in June were down by around 20% compared to the same month in 2019. The decline is even steeper in popular vacation hubs such as Florida and Hawaii, where sales have dropped by as high as 60%. A potential factor may be the travel regulations that vary from state to state, making it unclear what vacation plans can be made. Additionally, the high demand for properties in 2020 may have just been a short-term trend. Nonetheless, if you have already invested in a vacation home, there is some good news, as prices have increased by more than 16% since last year. Therefore, if you are in the market to buy a vacation property, this might be the best time to do so. On the other hand, if you are wanting to sell, you might need to reconsider the asking price as the demand seems to have settled down. This article highlights the current state of the vacation home market and the impact that the pandemic has had on it. It’s important to keep up with these trends as they influence the housing market overall.