It’s safe to say that 2020 was one of the most disruptive years on record, one that influenced how people live, work and travel. Though so much changed because of Covid-19, the second home market remained consistently strong. Vacation towns are booming and buyers are scooping up second homes across the country as people search for a way to safely satisfy their dreams of getting away.Here are some of our predictions about second homes for the year to come.
By the numbers
Road trip, anyone? Over 70% of second-home dreamers are looking to purchase a property that’s close to home, according to our Second Home Sentiment Report. With fewer people flying, a getaway within driving distance will continue to make great sense in 2021. Continued record-setting demand. Buyer demand for second homes is up a staggering 100% from October 2019 to October 2020, according to a Redfin analysis, and it shows no signs of slowing down. Second homes will always offer a unique opportunity to relax in style and safety. A boost in use. Not only were more people looking for second homes, those who had them used them more often. A survey of 2,000 Americans showed that 28.8% used their second homes more in 2020 than they did in 2019. We predict this trend to continue. Modern love. Modern rules in second home design. Second-home dreamers strongly prefer a modern aesthetic for second homes (27.9%), followed closely by rustic (26.8%). We think clean lines, open concept design and an abundance of natural light in modern will remain strong design favorites in 2021.
The rest of the story
More workcations. With more companies and employees opting to work from home, we predict second home owners will continue to take advantage of their retreats, taking a dip in their pool between Zooms or hitting the ski slopes after a day of remote work. Water, water everywhere. Second homes with water views were the favorite in 2020. Whether a beach or a lake, second-home dreamers will likely keep being pulled to the shores in 2021. Water in frozen form came in second, thanks to mountain homes offering an abundance of snow sports. The great outdoors. Social distance likely isn’t going anywhere for a while, so we predict a big uptick in the number of people looking to enjoy second homes with outstanding outdoor amenities. Think hiking trails, sandy beaches, patio-side firepits, fresh mountain air, and more. Last-minute escapes. Sometimes, you just have to get away. The year ahead will come with its share of stresses, so it’s great to embrace spontaneity. There’s simply no better escape than a second home. Pacaso’s SmartStay system supports last-minute stays in your very own turnkey second home.Take a look at the latest Pacaso listings to find a second home to enjoy in the new year and beyond.
Study: Second home co-ownership reduces competition for homes, boosts local economies