- As we look forward to Memorial Day Weekend and the official start to summer here are a few vacation home owner statistics from a recent report.
- The median vacation home purchase price was higher in 2012 than in 2011–$150,000.
- The share of vacation buyers who did not use a mortgage rose slightly to 46 percent from 42 percent in 2011.
- Since there were fewer distressed properties on the market in 2012, there were fewer that could be purchased. The share of vacation buyers who purchased a vacation property dropped to 35 percent from 39 percent in 2011.
- However, the share does remain high—20 percent of vacation buyers purchased a home in foreclosure, while 15 percent purchased a short sale.
- Vacation buyers expect to own their vacation home for 10 years.
Click chart to view larger version.