The National Association of REALTORS (NAR) released their 2021 Vacation Home Counties Report, listing the top ten markets in the country. Using data from the Multiple Listing Service (MLS), survey data, and the U.S. Census Bureau, NAR compiled data on purchasing trends for vacation home sales in counties. A vacation home county is identified as a county that has 20% or more homes classified as vacant for seasonal/occasional/recreational use. Out of 3,143 counties, 323 were identified as vacation home counties. The counties are then ranked by sales growth, price growth, and change in days on market based on the 2019 baseline of vacation homes in the county. Deep Creek Lake and Garrett County ranked in the top 1%, coming in at number seven. Vacation homes make up roughly 24% of the housing stock in Garrett County and saw tremendous growth in all three criteria fields. For Garrett County in 2020, homes sales increased 35.8%, median sales price increased 35.4%, and properties sold nearly 50 days faster than in 2019. While the booming real estate market in Garrett County and Deep Creek Lake is not new news, ranking in the top 1% of the nation is an incredible achievement for our small town.
The survey showed that vacation home sales rode by 16.4% in 2020, and increased by 57.2% year-over-year in 2021. More than half of the vacation home buyers in 2021 purchased with cash. Another notable statistic was the increase in domestic migration in vacation home counties. The report attributes this to the ability to work from home, do virtually schooling, and desire to be in a more rural and isolated area.
You can read the other findings and the full report by clicking here.
Connect