Virginia's vacation home hotbeds
If you're in the market for a vacation home — and who isn't? — now might be the perfect time to buy.
Driving the news: Across the country, demand for second homes is down more than half from pre-pandemic levels, fueled by high costs, a cooling short-term rental market and a pullback in remote work, per a new Redfin report.
Why it matters: Softening demand could translate into softening prices, and maybe even bargains, if you're lucky.
If you're looking, it might be worth considering these Virginia vacation home hubs.
- Wintergreen and two towns near Lake Gaston along the North Carolina border, Bracey and Gasburg, are the cities with the highest share of vacation homes in Virginia.
- The typical home value in those areas is $432,300, $162,500 and $219,000, respectively, according to Zillow.
State of play: Vacation homes make up just 2% of homes in Virginia, Axios' Tory Lysik and Simran Parwani report, analyzing census data.
- That's compared to the national average of 4%.
- Of note: The Census Bureau defines vacation homes as those that are vacant for "seasonal, recreational or occasional use."
Worth noting: Coastal Virginia doesn't rank in the top three, in part because of census-designated places. By those metrics, only about 50% of the homes in Virginia Beach, for example, fall under the "seasonal, recreational or occasional use."
Go deeper: Airbnb has a plan to stop you from booking a hotel this summer.
More Richmond stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Richmond.