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Indian River County among nation’s top ‘Luxury Second Home Markets,’ study finds

NewsIndian River County among nation's top 'Luxury Second Home Markets,' study finds

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.

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