Florida Real Estate depiction in the sand – Courtesy: Shutterstock – Image by StacieStauffSmith Photos
In 2020, worlds collided in the financial sphere, and Florida saw a record number of home purchases and sales. While finances became tighter for many across the country due to the pandemic and job loss, others who were able to afford the financial hit doubled down and bought more real estate. As a result, Florida saw a surge in single-family home sales and purchases driven by northerners and snowbirds from outside of Florida.
The Florida home market has always been a popular choice for retirees and vacation homes, but 2020 was unlike any other year. A spike in work-from-home demand from major companies brought a wave of new homeowners to the Sunshine State from California and New York and also reignited the volume of second home purchases in the state by 4.31%, according to Rocket Mortgage® application data.
As a result, Rocket Mortgage also took the data and revealed the “Top 15 Counties in Florida for Vacation Homes” sorted by the percentage of people purchasing.
Where to Buy in Florida
According to Rocket Mortgage data from 2020, the following Florida counties were the most popular locations for vacation home purchases and inquires:
Lee County – #1
Notable City: Cape Coral – Vacation Home Mortgage Application Growth: 8% – Median Sale Price Increase From 2019 – 2020: 15%
Collier County – #2
Notable City: Naples – Vacation Home Mortgage Application Growth: 26% – Median Sale Price Increase From 2019 – 2020: 14%
Sarasota County – #3
Notable City: Sarasota – Vacation Home Mortgage Application Growth: 5% – Median Sale Price Increase From 2019 – 2020: 16%
Palm Beach County – #4
Notable City: West Palm Beach – Vacation Home Mortgage Application Growth: 10% – Median Sale Price Increase From 2019 – 2020: 20%
Broward County – #5
Notable City: Fort Lauderdale – Vacation Home Mortgage Application Growth: 17% – Median Sale Price Increase From 2019 – 2020: 14%
Pinellas County – #6
Notable City: Clearwater – Vacation Home Mortgage Application Growth: -7% – Median Sale Price Increase From 2019 – 2020: 13%
Charlotte County – #7
Notable City: Punta Gorda – Vacation Home Mortgage Application Growth: -17% – Median Sale Price Increase From 2019 – 2020: 10%
Volusia County – #8
Notable City: Daytona Beach – Vacation Home Mortgage Application Growth: 39% – Median Sale Price Increase From 2019 – 2020: 10%
Orange County – #9
Notable City: Orlando – Vacation Home Mortgage Application Growth: -18% – Median Sale Price Increase From 2019 – 2020: 10%
Miami-Dade County – #10
Notable City: Miami – Vacation Home Mortgage Application Growth: 6% – Median Sale Price Increase From 2019 – 2020: 23%
Brevard County – #11
Notable City: Melbourne – Vacation Home Mortgage Application Growth: 6% – Median Sale Price Increase From 2019 – 2020: 13%
Hillsborough County – #12
Notable City: Tampa – Vacation Home Mortgage Application Growth: 9% – Median Sale Price Increase From 2019 – 2020: 13%
Polk County – #13
Notable City: Lakeland – Vacation Home Mortgage Application Growth: -17% – Median Sale Price Increase From 2019 – 2020: 10%
Manatee County – #14
Notable City: Bradenton – Vacation Home Mortgage Application Growth: 9% – Median Sale Price Increase From 2019 – 2020: 11%
Pasco County – #15
Notable City: Dade City – Vacation Home Mortgage Application Growth: 20% – Median Sale Price Increase From 2019 – 2020: 13%
Referring to the chart above, the grand majority of counties that were most sought after lay in the central and southern portions of the state, with the northernmost county being Volusia.
Of the counties that made the list, three reported a YoY increase of 20% or more (Pasco, Collier, and Volusia). On the other side of the spectrum, some counties reported YoY decreases in vacation home mortgage applications but remained steady in median sale price increases from 2019-2020. The counties that reported losses were mainly situated further inland than those on the coast.
Who is Buying?
Another important question answered by the data showed the majority of vacation home buyers were actually from within the state.
Current Florida residents lead the way with second home purchases in the state with 18% of total applications in 2020, an 11% YoY increase in applications compared to 2019. New Yorkers followed Floridians with 14% of the total applications but only saw a 1% YoY increase from 2019 to 2020.
Of the top 10 states with the largest application percentage for homes in the state, only Georgia and Illinois residents reported 20% YoY increases for Florida vacation home purchases.
The data reaffirms that Florida is a favorable spot for northerners and snowbirds, most of which use their second property as a winter retreat to escape traditionally cold weather in the late/early months of the year.
Wrap-Up
Florida remains king for vacation destinations and home purchases for non-residents and has seen an increase in intrastate home purchases over the past year. The Florida real estate market will likely remain a top option for potential buyers thanks to all-time low mortgage rates as a result of the pandemic.
If you don’t live in Florida and are considering the move or are looking to purchase another home within the state, check out the counties on the list above and see what all the hype is about.
Are you interested in Florida real estate? For stories like this and much more: Florida Insider is dedicated to educating, entertaining, and informing its readers about everything Florida. Easy to read content at the palm of your hands and covering the stories that matter.
Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.
