Existing home sale numbers will come out today, and already in the beginning of this year, vacation home sales were way up by 57% compared to 2020. That’s according to the National Association of Realtors. It said this is more about finding an alternate work-from-home space than a traditional holiday getaway. So, now with some people back in the office, what does that mean for vacation town booms?
National Association of Realtor’s Chief Economist Lawrence Yun may be looking to buy a vacation home himself, if he can keep working from home.
“We always like the state of Maine … especially in the summer months,” he said.
Yun expects the vacation home market to stay hot through the rest of the year, with many employers choosing flexible work options. Hudson, New York – about two hours north of the city – is one of those vacation communities that has seen this trend.
“You know … a lot of high end souped up Range Rovers,” said Branda Maholtz, executive director of Hudson Development Corporation.
She said new residents helped keep businesses afloat through the last year, but now some longer-term locals feel the newcomers are putting pressure on the two-square-mile city.
It’s harder to find parking. And there are bidding wars for houses when they come on the market, driving up prices.
“The inventory is really low right now,” Maholtz said.
In fact, her neighbor’s house just sold … and a new luxury vehicle pulled in next door.