Home Economy Report: Newport County top in U.S. for second-home purchases

Report: Newport County top in U.S. for second-home purchases

By

Christopher Allen

-

12/08/2023

20-Sherman-Street — Newport County second-home purchases jumped 64% this year, the largest increase in the country, according to Pacaso Inc./ COURTESY LILA DELMAN REAL ESTATE

NEWPORT – A new report by San-Fransisco-based Pacaso Inc. found that Newport County had the largest year-over-year increase in second-home purchases of any county in the country. Released Dec. 4, the analysis revealed the top 10 counties that saw the biggest annual increases in both second-home transactions and year-over-year appreciation for homes priced above $1

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NEWPORT – A new report by San-Fransisco-based Pacaso Inc. found that Newport County had the largest year-over-year increase in second-home purchases of any county in the country. Released Dec. 4, the analysis revealed the top 10 counties that saw the biggest annual increases in both second-home transactions and year-over-year appreciation for homes priced above $1 million. Relying on data for years 2022 and 2023 provided by First American Data & Analytics. Counties with fewer than 20 second-home transactions were excluded. Newport County had a 64% surge in transactions compared with 2022, which a Thursday press release by Picaso called “impressive.” The average sale price in Newport County was $2 million. Austin Allison, Pacaso CEO and co-founder, said shifts in the real estate market have led to more and wealthier buyers looking to purchase second homes for remote work or leisure. "With the onslaught of hybrid back-to-office policies, home buyers are seeking the perfect blend of spacious, nature-centric living," he said. The second highest county for second-home transactions was Volusia County, Fla., at 19%, which led all counties in year-over-year price increases at 47%. The largest regional county increase in home values was Plymouth County, Mass., which ranked ninth in the country at 19%. Pacaso Inc. is a tech company and property broker that purchases single-family homes and sells them to consortiums of buyers, typically for vacation properties, under a co-ownership model. Up to eight different buyers can co-own homes and Picaso acts as the property manager after all shares in the property are sold, according to its website. Currently controlling a $1 billion portfolio, Pacaso was founded in 2020 by Allison and Spencer Rascoff, both former executives at Zillow Inc. It now has more than 1,500 owners and has booked 72,000 total stay nights booked. Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.