Florida’s Hidden Gems: Luxury Vacation Home Markets Revealed
While Florida is typically synonymous with high-profile destinations like Palm Beach and Miami, an increasing number of affluent homebuyers are discovering the state’s lesser-known treasures. Tucked away along the Gulf Coast, Gulf County and Walton County have emerged as hotspots for second-home sales, surpassing many of the more established markets.
Gulf County: The Second-Home Sensation
A Thriving Market
According to Pacaso, a California-based real estate company that specializes in luxury vacation homes, Gulf County ranked second on its 2024 list of vacation home markets, attributable to a remarkable 77% ratio of secondary to primary homes and an average home price of $1,003,183.
- Top Highlights:
- Location: Situated in Florida’s "Forgotten Coast," known for its untouched landscapes and serene ambiance.
- Attractions: Gulf County features 244 miles of stunning white-sand shoreline.
Tranquil Coastal Living
With a population of just over 14,000 as of the 2020 U.S. Census, Gulf County offers a relaxed lifestyle, perfect for nature enthusiasts. From fishing and sailing to snorkeling and paddleboarding, outdoor adventures abound.
- Close to Bustle: The area is just a short drive from vibrant towns like Panama City and Destin.
- Affordability: As of May, the median list price in Gulf County was $675,000, reflecting a 6.5% decrease from the previous year, yet up 72% since mid-2019.
Real Estate Snapshot
As of last month, Gulf County recorded over 360 homes for sale, marking the highest inventory for May. Port St. Joe, the county’s priciest city, saw homes selling for roughly $495,000, which is around 30% higher than the county median.
Walton County: Emerald Coast Elegance
A Prime Destination
Ranking third on Pacaso’s list, Walton County boasts a 67% ratio of secondary to primary homes and an average home price of $1,444,503.
- Scenic Highway: Home to the famous 30A, this coastal highway is lined with idyllic beach towns such as Alys Beach, Seacrest, and Seaside—a perfect locale for vacation homeowners.
Natural Beauty and Activities
Walton County features:
- 26 miles of pristine sandy beaches
- 15 rare coastal dune lakes
- Over 200 miles of hiking trails
Among these, the Timpoochee Trail is a popular choice for walkers and bikers alike.
Historical Charm
History lovers will appreciate DeFuniak Springs, a quaint town with nearly 200 historic buildings, including Florida’s oldest continuously operating library.
Market Insights
Currently, the median list price in Walton County stands at $965,000, down 3.4% year-over-year but up more than 53% from six years ago. In March, the median sale price reached $690,000, representing an 86% increase from March 2019.
- Top Price Point: The town of Santa Rosa Beach saw median sales of $850,000 in March.
- Inventory Levels: Walton County offered over 2,600 homes for sale in May, a 14% increase from the prior year.
Competition with Established Markets
Realtor.com® analyst Hannah Jones notes the appeal of Walton County: “Buyers are drawn to top-notch beaches and amenities at relatively lower prices compared to more renowned Florida beach towns.”
Florida’s Vacay Hotspot Rankings
Among the 13 states featured in Pacaso’s 2024 list, Florida secured five spots in the top vacation home markets:
- Gulf County: 2nd place
- Walton County: 3rd place
- Collier County: 5th place
- Palm Beach County: 12th place
- Nassau County: 17th place
Conclusion
As the Florida real estate landscape evolves, hidden gems like Gulf and Walton Counties are attracting discerning buyers in search of idyllic vacation homes, dramatic coastlines, and a sense of community. With a unique blend of affordability and luxury, these locations represent the future of Florida’s vacation home market.
For more information on best practices in buying a vacation home, visit Realtor.com.
Explore Florida’s stunning coastline and find your dream vacation home today!