Second-home prices soar in Aspen and Martha’s Vineyard as the affluent flee megacities

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Anthony Hitt, CEO of Engel & & Völkers Americas, was riding a four-wheeler around on his household’s 80- acre homestead farm in Missouri, where he’s working from another location nowadays, when he took my call to talk about high-end realty. This was our very first time talking given that we satisfied– back when in- individual was still a thing–in Midtown Manhattan in2019


When we last spoke, high-end systems in cities like San Francisco and Seattle were still ablaze in bidding wars. But nowadays, the pandemic that distributed just recently transitioned remote employees, like Hitt, out of huge cities to all corners of the nation is developing a second-home boom.

“Business is heavy in vacation markets and second-home markets. People with the ability to buy in those areas are using those areas as getaways,” Hitt states.

From the start of the pandemic, second-home markets, like the Hamptons, saw short-term leasing prices spike as the affluent left city centers. But as the infection and workplace shutdowns remain on, property buyers are now increasing prices in those second-home markets.

“They’re discovering they can do their task as efficiently [while working] remote,” Hitt states. So these …

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