NEW YORK (MainStreet) –- With home sales booming and housing prices rising, it takes a savvy buyer to purchase a vacation home in the middle of the summer.
It takes a particularly adept homebuyer to find a discount in a vacation destination.
According to the National Association of Realtors, existing home sales in May were up 9.2% from a year ago. However, the $228,700 median home price is up 7.9% over that same span. The supply of those existing homes sits at 2.29 million, but that's only enough for 5.1 months, with a six-month supply considered ideal. With interest rates for a 30-year, fixed-rate mortgage again climbing above 4%, the buyer's market that followed the housing crisis is slipping away.
However, there are still a few hidden gems left out there for buyers looking to snag a vacation home before the market completely tilts toward sellers. With help from the folks at franchised real estate firm ERA Real Estate and rental listers at TripAdvisor Vacation Rentals, we came up with ten locations where vacation rentals are in demand, but the market for vacation homes hasn't quite overheated: