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Deep Creek Lake, Maryland was recently named a top spot in the country to purchase a winter vacation home! As the highest elevation in Maryland, nestled in the mountains, Deep Creek receives more than 100” of snow annually and is home to Maryland’s only ski resort, Wisp Resort. Much like other vacation areas in the country, the Deep Creek Lake real estate market experienced high demand after the COVID-19 pandemic took hold in spring of 2020.
To find the best winter vacation home spots in the country, a recent study measured the cap rate against the median sales price for a residential home. On that list, Deep Creek comes in 4th, with a 6.7% cap rate and a median home price of $439,367. As a relatively small town with big outdoor amenities and attractions, it’s no wonder Deep Creek tops the list!
According to Realtor.com, the first quarter of 2021 showed a 46% year-over-year increase in vacation home purchase. So what makes Deep Creek special? And why have vacation home sales increased?
The first wave of quarantine caused by the COVID-19 pandemic put many living in a metropolitan area in an uncomfortable position. Many second homeowners who already owned in Deep Creek spent much of March and April in their lake houses, enjoying the fresh mountain air, outdoor recreation, and slower pace of Deep Creek. As most companies and schools were implementing virtual options for work and school, it was possible to work from home while in their second home at the lake. The influx of additional people to the area gave some restaurants record breaking months despite only offering take-out.
The desire to have an escape away from the city quickly caused demand in the Deep Creek area to sky rocket. While previously thought to be only an option for the uber wealthy, second homeownership is more affordable than ever, especially in more rural areas. According to another recent study, the ‘hybrid’ lifestyle has been a global shift and thousands of households now choose to split their time between their primary residence and second home.
Of course, a great perk to purchasing a vacation home in a desirable location is the option for short-term rental income! Deep Creek saw record breaking numbers of renters in 2020 and 2021, as many families and groups preferred the privacy and seclusion of renting a home for their gathering as opposed to a crowded hotel or beach area. The high demand for rentals in the Deep Creek Lake area makes purchasing a vacation home here a great investment. Amenities like indoor pools and hot tubs allow for higher rental income and popularity. Partnering with an established rental company is a key component in your success!
Looking to get started purchasing a vacation home at Deep Creek Lake, or have questions about working with a vacation rental management company? We’ve got the answers! Our agents live and work in the Deep Creek area, they know the ins and outs that you need to know to make the best purchase for your family and lifestyle.
Deep Creek is only 2 hours south of Pittsburgh, PA, and three hours west of Baltimore, MD, and Washington, D.C.
Ready to get started? The expert agents at Railey Realty are here to help! Fill out the online contact form or call our office 7 days a week.
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