In a reversal to 2005's trend to "buy first, and ask questions later", more and more prospective buyers are taking a cautious approach to buying their vacation home.
What's the blame here? To begin with, rising interest rates, higher energy costs, and a slowing economy have left many realtors with excessive inventories leading to several price reductions on once highly sought after properties.
These discretionary buyers can suddenly jar a market in a matter of months because of the limited population that can afford second homes, as compared to primary home buyers, where the market may take months to notice any difference. Places such as the New Jersey Shore and parts of Florida have been seen their second home median prices fall 8 percent or greater as compared to year earlier.
That's not to say that the upper tier market- homes exceeding $5 million or more- has softened. The market in this price range tends to be more durable.
FULL STORY: Hot Market for Second Homes Hits Slump
Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Placekeeping: Setting a New Precedent for City Planners
How a preservation-based approach to redevelopment and urban design can prevent displacement and honor legacy communities.
San Francisco’s Muni Ridership Grew in 2024
The system saw its highest ridership since before the Covid-19 pandemic, but faces a severe budget shortage in the coming year.
Colorado Lawmakers Move to Protect BRT Funding
In the face of potential federal funding cuts, CDOT leaders reasserted their commitment to planned bus rapid transit projects.
Safe Streets Funding in Jeopardy
The Trump administration is specifically targeting bike infrastructure and other road safety projects in its funding cuts.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
City of Moreno Valley
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Salt Lake City
NYU Wagner Graduate School of Public Service
City of Cambridge, Maryland