Top 20 luxury vacation home markets of 2024
In this year's Top Vacation Home Markets Report, we unveil the top 20 luxury vacation home markets of 2024. “The destinations on this year’s list really capture the breadth of the luxury vacation home market,” said Pacaso CEO and Co-Founder Austin Allison. “Legacy destinations remain as timeless as ever, Florida’s panhandle is solidifying its status as a favorite for vacationers, and Manhattan is resurging as a place where buyers are doubling down on second-home investments. These aren’t just weekend getaways anymore—they’re lifestyle investments for people looking to create endless cherished memories with friends and family.” 2024’s top luxury vacation home markets To identify the top U.S. markets for 2024, Pacaso analyzed second home mortgage rate lock data alongside growth trends in pricing and transaction volume. These 20 counties stand out for their significant increases in second home activity, proportion of second homes to primary homes, and demand for properties priced above $700,000. [*Source: Pacaso analysis of mortgage rate lock data from January 1, 2023 to December 10, 2024.] “As 2024 comes to an end, mortgage rates are starting to ease, home purchase applications have hit their highest levels since January, and growing inventory is helping drive more transactions. We’re seeing strong indications that demand for both primary and secondary homes will continue to grow into 2025," continue Allison. Jersey Shore prevails Cape May County, New Jersey, takes the top spot among the best vacation home destinations for 2024, with a proportion of second homes to primary homes exceeding 150%. As the southernmost county in New Jersey, Cape May is a beloved destination for residents of metropolitan areas like Philadelphia and New York City, offering iconic beach towns such as Ocean City and Avalon. In 2023, Cape May earned a spot on Pacaso's Also making the list is Ocean County, New Jersey, another Jersey Shore hotspot featuring beachfront communities like Seaside Heights, Long Beach Island, and Point Pleasant Beach. The county boasts 40 miles of barrier beaches, making it a prime destination for second home buyers. Florida’s panhandle grows in popularity During the pandemic years, snowbirds flocked to Florida for sunshine. Counties like Palm Beach, Lee, Broward, and Collier with established vacation home markets became a magnet for home buyers driven by migration trends, the desire for more space, and Florida's favorable tax environment. In 2024, counties along the Gulf of Mexico in Florida's Panhandle, such as Gulf and Walton counties, rank among the top vacation home markets of the year. Walton County is home to the renowned 30A, a scenic coastal highway, and features many popular beach towns along the Emerald Coast, including Alys Beach, Seacrest, and Seaside, making it a prime spot to scoop up a vacation home. Gulf County, part of the Panama City metro area, boasts 244 miles of white-sand shoreline, offering an equally desirable option for second home buyers. Manhattan resurgence as second home destination New York County, the most densely populated county in the United States, is redefining perceptions of second home markets in 2024, with second homes making up more than 33% of properties compared to primary homes. Following the pandemic-induced exodus, the city is experiencing a resurgence as buyers return to invest in luxury urban properties for occasional use or as part of their likely growing real estate portfolios. Legacy destinations maintain popularity When most people think of luxury vacation home markets, their minds go to places frequented by Hollywood moguls, presidential families, and the who’s who. Markets like Cape Cod (Barnstable County, Massachusetts), home to the Kennedy Compound—also known as the "Summer White House"; Newport, Rhode Island; Maui, Hawaii; and Naples (Collier County, Florida), continue to dominate the second home market. These destinations are steeped in tradition, offering timeless vacation spots with strong cultural or natural appeal. And to no surprise: Maui and Newport counties are also in the top five of priciest vacation homes with averages sitting near $1,569,353 in Maui and $1,577,353 in Newport. Washington County, Rhode Island, is similarly renowned for its charming towns, including Block Island, Narragansett, and Watch Hill—home to Taylor Swift's iconic beachfront mansion and where NFL running back Christian McCaffrey married in 2024. National parks and scenic, adventure-focused towns attract vacationers Counties like Deschutes (Bend, Oregon), Coconino (Flagstaff, AZ), Buncombe (Asheville, North Carolina), Washington (St. George, Utah), Gallatin County (Bozeman, Montana) share a common appeal rooted in their proximity to outdoor recreation, natural beauty, and laid-back lifestyles. These markets attract buyers seeking a blend of adventure and tranquility, often tied to the growing trend of prioritizing wellness and work-life balance. Coconino County, Arizona, with its county seat in the beautiful mountain town of Flagstaff, is surrounded by the Coconino National Forest and the world's largest contiguous ponderosa pine forest. The county is also home to iconic destinations such as the Grand Canyon and Antelope Canyon. Washington County, Utah, made Pacaso’s top In Montana's Gallatin County vacation home real estate is north of $1.3 million, likely due to its proximity to Yellowstone National Park. Southern hospitality calls families “home” Beaufort County, home to Hilton Head, and Charleston County, home to Charleston, highlight the growing allure of the Carolinas for second home buyers. These areas offer coastal charm, Southern hospitality, and increasing luxury property options, making them prime choices for affluent buyers. “This data comes as no surprise to us at Pacaso,” said Austin Allison, CEO of Pacaso. “Hilton Head was the first East Coast vacation home market where we introduced co-ownership. Our current owners and buyers also adore the Charleston barrier islands, and in response to the demand, we’ve just introduced another stunning home on the beautiful Kiawah Island, ‘Palmetto Cove.’” Methodology Pacaso identified the top U.S. luxury second home markets by selecting 20 counties with the highest index scores, determined by analyzing key metrics such as the proportion of second homes to primary homes and growth trends in second home rate locks and prices from 2023 to 2024. Counties with fewer than 50 second home rate locks or where second homes accounted for less than 5% of transactions were excluded. Markets were further filtered to include only areas with average second home prices above $700,000 and positive price growth during this period. Weighted criteria emphasize popularity, demand, and recent growth, highlighting dynamic and high-value second home destinations. The markets are ranked based on the largest proportion of second homes to primary homes.
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