Second-Home Market Surges in May
The luxury home market outpaced the overall market in price growth and listing views online in May 2020, according to realtor.com®’s Luxury Housing Report, and of particular interest for this segment of buyers was second homes. These buyers were looking at smaller, less populated markets, rather than dense, urban metros.
“Unlike prior downturns, the luxury market is leading the recovery,” said realtor.com® Chief Economist Danielle Hale. “Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second home that is within driving distance from their primary residence.”
The report said that “upper tier” home price growth outpaced the overall housing market, and online views for homes over $1 million increased 7.3 percent annually.