High priced second home purchases are paving the road to recovery in the housing market.
Realtor.com reported that demand and price growth in the luxury home market outpaced other sectors in May and is continuing to grow at a faster rate than it was before the pandemic.
High-end second home markets like Suffolk County, NY, Palm Springs, CA, and Greenwich, CT all saw higher demand and an increase in views of luxury home listings in May.
“Views of luxury-property listings were up 56% in the Hamptons, 28% in Palm Springs and 24% in Greenwich in May compared to January, the report said.”