In 2023, the top destination to purchase a vacation home was this coastal city in Rhode Island
Rhode Island's Newport County ranked No. 1 in luxury second home transactions in 2023, according to a report by Pacaso. Full article details can be seen on T&L.com HERE
Rhode Island, though the smallest state in the U.S., boasts a 400-mile shoreline adorned with pristine white-sand beaches and charming New England towns that captivated over 27 million visitors in 2022. Leading the spotlight is Newport, a wealthy enclave where the titans of America's aristocracy erected opulent summer homes in the late 19th century, transforming the town into an exclusive vacation haven.
Even in the current real estate landscape, Newport remains the preferred choice for high-net-worth individuals seeking second homes. Newport County secured the top spot in luxury second home transactions for 2023, as reported by Pacaso, a company specializing in fractional home ownership.
A remarkable 64 percent surge in home purchases exceeding $1 million characterized Newport County's real estate market, with an average sale price of $2,003,945.
"Once a sought-after vacation retreat for esteemed families like the Vanderbilts and Kennedys, Newport boasts a diverse array of activities and attractions," noted Austin Allison, CEO of Pacaso, in a statement to Travel + Leisure. "Crucially, Newport's strategic location ensures easy access from New York, Boston, or Connecticut, making it an ideal summer escape from the urban hustle and bustle."
Beyond the renowned Gilded Age mansions that draw considerable attention, Newport, with its rich maritime history dating back to its 1639 founding, stands at the epicenter of America's—and the world's—sailing industry, evident even in its main road named after the prestigious America's Cup. In 2022, an 8,500-square-foot Sailing Museum opened, chronicling the sport's storied past. Today, Newport Harbor stands as a prominent yachting hub capable of accommodating vessels up to 180 feet in length. The city by the sea continues to offer an enticing array of activities for its part-time residents, solidifying its status as an enduring and coveted destination.
Undoubtedly, Newport's primary summer allure lies in its array of beaches, catering to every beachgoer's preference. Whether you're in search of family-friendly amenities (like Easton's Beach), a surfing spot with waves to catch (Sachuest Beach in Middletown), or simply a serene stretch of sand to unwind and relish the scenic views (as offered by Gooseberry Beach), Newport has it all. Speaking of Newport's coastline, another delightful way to experience it is from the comfort of your car. The scenic Ocean Drive, spanning 10 miles, meanders past opulent mansions and showcases stunning waterfront vistas.
For those inclined to increase their daily step count, the iconic Cliff Walk presents a 3.5-mile pathway that rewards walkers with awe-inspiring ocean views and glimpses of architectural marvels like The Breakers, Vinland Estate, and Ochre Court. Another energetic way to spend your time in Newport is by heading to the Hall of Fame Tennis Club, where, in 1881, the first U.S. National Lawn Tennis Championships were hosted, preceding the renowned U.S. Open.
"Following the impact of the pandemic, Rhode Island has witnessed a significant surge in property prices across all types," shared Brandyn Brunelle, Chief Strategy Officer at Residential Properties Ltd./Luxury Portfolio International, with T+L. "Newport boasts an abundance of colonial homes, many dating back to the early 1700s. While individual preferences vary, those seeking a secondary residence often gravitate towards recently renovated properties." Brunelle noted that move-in ready homes typically spend fewer days on the market and often receive offers above the asking price.
Among other destinations highlighted by Pacaso, Florida's Volusia County, home to Daytona Beach, and Maine's York County, housing historic Kennebunkport, also feature on the list. For a comprehensive view, you can explore the full report on pacaso.com.
