As the demand for luxury vacation homes continues to soar, the U.S. real estate market is witnessing some of its most desirable destinations becoming even more popular. In the 2024 Top Vacation Home Markets Report, our partner Pacaso unveils the top 20 luxury vacation home markets, highlighting areas with significant increases in second home activity, price growth, and a higher proportion of second homes relative to primary residences.

Austin Allison, CEO and Co-Founder of Pacaso, shares his perspective: “The destinations on this year’s list really capture the breadth of the luxury vacation home market. Legacy destinations remain as timeless as ever, and Florida’s panhandle is solidifying its status as a favorite for vacationers. These aren’t just weekend getaways anymore—they’re lifestyle investments for people looking to create endless cherished memories with friends and family.”

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.

Among the top 20 luxury vacation home markets for 2024, Florida claims five spots, with three of them ranking in the top five. This dominance is no surprise, as Florida has become a magnet for second home buyers in recent years. Counties like Palm Beach, Lee, Broward, and Collier have long been favored for their established vacation home markets, but newer destinations in Florida’s Panhandle are also catching the eye of luxury buyers.

Walton County, home to the iconic 30A coastal highway, is one of the standout locations in 2024. The area is renowned for its picturesque beach towns, such as Alys Beach, Seacrest, and Seaside, making it a prime location for those seeking a vacation retreat. With its pristine beaches and upscale atmosphere, Walton County offers an unmatched luxury lifestyle.

Gulf County, located in the Panama City metropolitan region, is gaining popularity as a second home destination, with 244 miles of gorgeous white-sand beaches. It provides a peaceful quiet setting, allowing for a relaxing vacation while remaining close to the busy beach towns.

While Florida’s newer destinations grow in popularity, traditional luxury vacation home markets continue to hold their ground. Locations such as Palm Beach County, Broward County, and Collier County remain popular for their upscale communities and luxurious living. These counties, with their sunny climates, tax advantages, and appeal to snowbirds, offer both a vacation getaway and a smart investment opportunity.

​In the years following the epidemic, there was a flood of buyers looking for more space and tax advantages, and Florida provided both in abundance. With mortgage rates easing in 2024 and an increase in home purchases, these counties continue to be in high demand, making them ideal markets for luxury vacation homes.

Pacaso’s analysis of the 2024 report highlights key metrics that made these 20 counties stand out:

As we close out 2024, there are strong indications that demand for both primary and secondary homes will continue to rise. “With mortgage rates starting to ease and home purchase applications at their highest levels since January, we expect this trend to continue,” says Allison. Growing inventory in these regions is also driving more transactions, and the combination of increasing supply and demand is expected to create a lasting impact on these vacation markets.

The 2024 report paints a picture of a booming luxury second home market, where buyers are investing not just in properties, but in lifestyles and memories.

Whether you're considering a vacation home in the timeless elegance of Palm Beach or the scenic beauty of Walton County, 2024's list of top luxury vacation home markets proves that owning a second home is no longer just a dream—it's a solid investment in a rich, rewarding lifestyle.

Whether you are seeking a second home, or an investment property in Florida, FloridianHome.ca and its partners are dedicated to helping you navigate the complexities of the U.S. real estate market, ensuring a smooth, successful, and enjoyable process.

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