Warm weather destinations and coastal towns, particularly in Florida, proved to be the most popular second-home markets for 2023 thus far, according to Pacaso.
The real estate marketplace that helps people buy and co-own a second home released data on the hottest second-home markets in the U.S. year to date. They utilized Optimal Blue data to identify the top 15 counties with the highest number of second-home transactions from Jan. 1 to May 3.
"We took a look at second-home transactions thus far in 2023, and it is no surprise that Florida dominates the list, with eight out of the 15 counties with the most second-home transactions in 2023,” says Pacaso CEO and co-founder Austin Allison. “The Sunshine State's beautiful beaches and laid-back lifestyle continue to be major draws for buyers."
Adam McAbee, Zonda’s senior vice president of advisory and lead in the second-home space, adds, “The lack of state income tax and strong in-migration also continue to be a pull for buyers—particularly those that might use the home for future retirement. We live in San Diego, and one of our good friends recently bought a second home in Jacksonville—for all of the same reasons.”
Maricopa County, Arizona, took the No. 1 spot on the Pacaso list with the largest number of second-home transactions in the country for 2023. The county's desert cities of Phoenix and Scottsdale offer world-class golf, chef-driven restaurants, ample hiking trails, and lots of entertainment options.
Horry County, South Carolina, is the second most popular, boasting the most affordable second-home real estate on the list with an average value of $379,000. Myrtle Beach's 60 miles of beaches, exciting attractions, and celebrity-designed golf courses make it a beloved vacation destination.
Lee County, Florida, rounds out the top three markets. The county seat of Fort Myers, located on the Gulf of Mexico, is widely recognized and consistently ranked as one of the nation's top destinations for beachcombing, shelling, kayaking, and bird watching.
According to the data, Florida's Manatee, Broward, and Sarasota counties have seen the greatest year-over-year price appreciation for second-home real estate, with 27.7%, 16.8%, and 13.1%, respectively.
Cape May County, New Jersey, at No. 15 tops the list for the highest average price of second-home real estate of the counties with $989,000. Barnstable County, Massachusetts, follows in second with an average price of $856,000, and Riverside County, California, takes third with $846,000.
