Vacation Home Sales Surge in 2013 and Roanoke Best Of

The median vacation home price was $168,700, up 12.5% over 2012. All cash purchases remained fairly common, with 38% of vacation home buyers paying cash. Of buyers who financed their purchase with a mortgage, vacation home buyers typically put down 30%. Forty-two percent of vacation homes bought last year were distressed homes.

The typical vacation home buyer purchased a property that was a median distance of 180 miles from his or her primary residence. Eighty-seven percent of vacation home buyers want to use the property for vacations or as a family retreat; 31% plan to use it as a primary residence in the future.