Real Estate News

New ranking reveals top markets for summer homes

Published: 14 Jul 2017

The National Association of Realtors recently posted about the most active places for purchasing a summer home, according to a report from ATTOM Solutions. Using data for this summer, the source found the areas with the values that make them most desirable for potential buyers. On this list, Crossville, Tennessee, placed as the top vacation home market, with relatively low median sales prices for the year so far and an average summer temperature of 75 degrees Fahrenheit.

Vacation home markets
Aside from Tennessee, the other top ten locations included areas in North Carolina, Maryland and Florida, the last of which accounted for most of the other entries on the same list. The region with the highest average temperature was Lake Havasu City in Arizona.

Other qualities that influenced the rating included the total crime index ranking and the percent of days with good air quality. Crossville placed well for both of these: it held one of the lowest spots on the crime ranking index and nearly 96 percent of its days were said to have good air quality. Several of the markets also had zero percent five-year home price appreciation rates.

Summer market trends
Another report, this one from Ten-X, showed the single family markets for the summer. These somewhat parallel the findings of the previous report to a certain extent, with the top spot belonging to Nashville and the second to Orlando.

Both of these markets had home price and sales growth on a year over year basis. However, the state represented most in this top five was Texas, which had three cities placed there: Dallas, Fort Worth and San Antonio.

It's interesting to note that Orlando and Nashville both had different home price trends. While the former reportedly had a 15 percent lower price rate than the peak for the area, Nashville's prices have instead risen 40 percent above the previous peak price rate. Rick Sharga, the company's Executive Vice President, shed some light on how regional difference manifests itself with this data.

"Markets in the South and Southeast with strong job and population growth – notably Texas and Florida – continue to have a much stronger outlook than much of the Midwest and Northeast," Sharga said. "Markets in California and the Pacific Northwest appear to be cooling down a bit as home prices have risen to levels unaffordable for many prospective buyers."

Other markets in the top ten of Ten-X's report included Charlotte, Las Vegas and Columbus.