This market has certainly been no vacation—and demand for second homes reflects that fact and then some. According to Redfin, mortgage-rate locks for second homes were down 47 percent from pre-pandemic levels in August, compared to a 33 percent decline for primary homes. August marks the 14th-straight month that second-home demand has hovered at least 30 percent below pre-pandemic levels.
Rate locks for second homes hit a seven-year low in February, falling to 52 percent below pre-pandemic levels. On an annual basis, demand for second homes is down 19 percent.
Redfin also found that the typical home in a seasonal town, where many second homes are located, sells for $564,000, up 5 percent from a year earlier. That’s compared with $421,000 for homes in non-seasonal towns, also up 5 percent.