To determine the locations where vacation home demand has declined the most, researchers at SellMyTimeshareNow analyzed the latest data from the Federal Financial Institutions Examination Council’s 2025 Home Mortgage Disclosure Act, the U.S. Census Bureau’s 2024 American Community Survey, and SellMyTimeshareNow’s 2025 proprietary marketplace data. The researchers ranked locations according to the percentage change in second-home mortgages from 2021 to 2025. Vacation homes were considered to be those with an occupancy type of “second residence”, and only originated home-purchase mortgages were included. Vacation homes purchased without a mortgage—and therefore not subject to HMDA reporting—are not reflected in the analysis.
In the event of a tie, the location with the larger total decline in second-home mortgages was ranked higher. For context, researchers also calculated the second-home share of total mortgage originations in 2025, the median value of mortgaged second homes in 2025, and the share of housing used for seasonal, recreational, or occasional use.
To improve relevance, only records with complete data were included in the analysis, and metro areas—which include both metropolitan and micropolitan areas—were grouped into the following cohorts based on population size:
