United States homebuyers took out 86,604 mortgages in 2024 to purchase second homes, down 5 percent from the previous year amid high prices and elevated mortgage rates, real estate brokerage Redfin said in a May 8 statement.
Last year’s mortgage numbers for second homes were “the lowest level in records dating back to 2018,” the company said. These mortgages “made up just 2.6 percent of all mortgages in 2024—the lowest share on record. That’s down from 2.8 percent the year before and a peak of 5 percent in 2020,” it said.
“Demand for second homes fell more than demand for primary homes; mortgages for primary homes fell by 1.4 percent year over year, less than half the decline in mortgages for second homes.”…