Top Markets for Luxury Vacation Homes in Florida

Move over, Palm Beach! The affluent South Florida town is no longer the most sought-after vacation destination among wealthy home buyers in the Sunshine State. 

Instead, Walton and Gulf counties, located along the Gulf Coast, are clocking in the most activity among second-home buyers shopping for luxury real estate in Florida. Pacaso, the marketplace for vacation homes, just released its annual report highlighting the top destinations for high-end vacation properties in 2024 based on financial indicators such as the ratio of second homes to primary homes and price growth trends from 2023 to 2024. 

While New Jersey’s Cape May County tops the list, Florida’s Panhandle is “solidifying its status as a favorite for vacationers,” the report reads. Several factors contribute to this, including the lack of valuable oceanfront real estate in Miami, Fort Lauderdale, and Palm Beach.

Gulf County ranked second with a 77 percent second-to-primary home ratio and an average second-home value of $1,003,183. 

“Gulf County, part of the Panama City metro area, boasts 244 miles of white-sand shoreline, offering an equally desirable option for second home buyers,” according to Pacaso. The area — part of the state’s Forgotten Coast — is known as a nature lover’s paradise with no high-rise buildings or heavy traffic. Visitors and residents spend time kayaking in places like St. Joseph Bay, which buzzes with marine life, fishing, which here is a year-round activity, horseback riding, biking, or boating. The county is also home to T.H. Stone Memorial St. Joseph Peninsula State Park, which was once named the best beach in the country by Dr. Stephen P. Leatherman, aka Dr. Beach.

Walton County, nestled along Florida’s Emerald Coast, took the bronze medal in Pacaso’s ranking. The average second-home price here is $1,444,503, and the ratio of secondary-to-primary homes is 67 percent. Pacaso points out that the scenic 30A coastal highway passes through the county, connecting many of its popular beach towns like Alys Beach, Seacrest, and Seaside.

The company’s report also highlights the appeal of “national parks and scenic, adventure-focused towns” as destinations like Gallatin County in Montana, home to Bozeman; Flagstaff’s Coconino County in Arizona; and Bend’s Deschutes County in Oregon see a rise in popularity among luxury second-home owners. 

“These markets attract buyers seeking a blend of adventure and tranquility, often tied to the growing trend of prioritizing wellness and work-life balance,” the report states.

And while some vacationers are seeking the peace of coastal Florida or Massachussetts’s Cape Cod (Barnstable County ranks fourth), others invest in the hustle and bustle of the city, as Manhattan is experiencing a renewed interest from vacation property buyers and ranks ninth.  

You can read the full report and its findings on pacaso.com.