Second home buyer demand up 83 percent from pre-pandemic levels
National property broker Redfin is reporting that in November 2021, demand for second homes in the U.S. was up 83% from pre-pandemic levels. This is an uptick from October's 72% increase but still slightly below January's record 91%.
Demand for second homes surged as pandemic-related lockdowns and a new era of remote work made vacation destinations more desirable, with many wealthy Americans opting to exchange cramped city life for more space. But even as the overall housing market has begun its typical seasonal cool down, demand is expected to remain above pre-pandemic levels.
"A combination of permanent remote-work policies and record-low mortgage rates is contributing to an uptick in demand, with buyers racing to snag vacation homes before interest rates increase further," said Redfin Deputy Chief Economist Taylor Marr. "I expect demand for second homes to remain strong for at least the full duration of the pandemic, which is now being prolonged by the spread of the Omicron variant."