Jun 4, 2025 - News
No one's buying Tampa Bay vacation homes
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Demand for second homes is at its lowest in data going back to 2018, Redfin reports — even in vacation destination Tampa Bay.
What's happening: Homeownership costs have soared, and cities are cracking down on short-term rentals.
- Plus, fewer people can work remotely from their beach house or ski chalet these days.
By the numbers: U.S. homebuyers took out around 86,600 mortgages for second homes last year, per Redfin's analysis of Home Mortgage Disclosure Act data.
- That's down roughly 5% from a year earlier and 66% from the pandemic homebuying frenzy.
Zoom in: Demand has particularly cratered in Florida, in part due to increasing insurance, property taxes and HOA costs, per Redfin.
- More frequent, and more intense, hurricanes also played a role.
- Mortgages for second homes fell from the previous year in 30 of the 50 most populous metros, led by Miami (-32%), Orlando (-28%) and Fort Lauderdale (-28%), West Palm Beach (-23.7%) and Tampa (-20.9%)
The big picture: Home sales are sluggish overall, with many shoppers sidelined by high prices, elevated mortgage rates and economic uncertainty.
- Second-home mortgages represented less than 3% of all mortgage originations in 2024 — a record low, per the real estate site.