Second homes have seen a surge in popularity in the last few years. With that has come a surge in home prices. The National Association of Realtors recently reported that 35% of all new and existing single family homes and condo sales were second home sales.
For those who are no longer willing to tolerate the volatile stock market the second home is seen as a safe investment alternative. Continued low interest rates and the aging baby boomer's needs for vacation and retirement homes also contribute to the increasing demand for prime properties.
Retirehomesmart.com tracks home prices in 50 of the most desirable vacation and retirement towns/cities in the U.S. Destinations as diverse as Reno in the Nevada desert, to Winter Haven in temperate Florida to stately Newport, Rhode Island are seeing home price increases in the last year alone of up to 66%.
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