The Sunshine State is no stranger to retirees, vacationers and plenty of others escaping to its warmer, yearlong climate and beautiful beaches; and apparently, Indian River County is one of the best spots to do so.
Indian River County clinched the No. 4 spot on a nationwide study of the Top 10 “Luxury Second Home Markets of 2022,” spanccording to span study from Pspancspanso, a San Francisco-based brokerage company that specializes in second-home purchases.
To determine the top 10 markets, the study analyzed the increases in second-home mortgage rate locks — in which a buyer must indicate whether the property would be a primary or secondary home — between Jan. 1 and Dec. 6 of this year.
Indian River County saw a 2.8% increase during that time frame compared to last year. Moreover, 26.8% of mortgage rate locks were for secondary homes, and the median home sale was nearly $1.74 million.
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Only one other Florida county placed in the Top 10: Osceola County, which ranked second best with a 6.1% increase in second-home mortgage rate locks. Other counties nationwide on the list included:
- Washington County, Utah
- Nevada County, California
- Napa County, California
- Kauai County, Hawaii
- Cape May County, New Jersey
- Santa Fe County, New Mexico
- New York County, New York
- Whatcom County, Washington
Luxury second homes are defined as those sold for $1 million or more that are designated for seasonal or recreational use.