The sale of vacation homes rose 7.9 percent to 553,000 from 513,000 in 2008. The market share for vacation rental homes is 10%, which is a percent higher than last year.
The typical vacation home buyer is making a lifestyle choice,” said National Association of Realtors Chief Economist Lawrence Yun in a statement. He added that “nine out of 10 buyers say they intend to use the property for vacations or as a family retreat.”
According to the National Association of Realtors, the number of first time home buyers was at a record high. The median transaction for a vacation home was $169,000 in 2009, up almost $20 thousand over 2008.
It is also reported that half of the vacation homes purchased were in the south, 21 percent in the west, 17 percent in the midwest and 12 percent in the northeast.
On the Outer Banks is seeing increased activity for these types of sales as well. With the tax credits that are in place, mortgage rates at an all time low, and high affordability, owning a vacation home on the Outer Banks is more feasible than ever.