Though summer has come to a close and the holidays are around the corner, the luxury housing market is holding steady in vacation destinations like Palm Beach, Aspen, the Hamptons, and coastal Orange County. According to Redfin, luxury home sales jumped 41.5% in the third quarter of 2020, marking the largest year-over-year shift since 2013.
Why the boom? Buyers are thinking about where they see themselves in the new year—even projecting as far ahead as summer 2021. Where would they like to purchase their next vacation home to spend time in after the winter season? Prospective buyers are also searching for things they didn’t know they wanted in a home before the current health climate, including more square footage, outdoor amenities like pools and sport courts, and home offices. And since many people have been able to work remotely for much of the year, it’s likely they can continue to do so from a vacation home anywhere in the country.
With coastal vacation homes still in high demand, experts are projecting Orange County’s luxury real estate market to continue strong through the end of the year and the first and second quarter of 2021. The scarcity of homes for sale makes it an advantageous market for sellers, while all-time low interest rates make it a prime time for buyers as well.
Source: Redfin
