Florida’s ‘Forgotten Coast’ Attracts Homebuyers Looking for a Vacation Retreat

Beyond Florida’s glitzy billionaire destinations like Palm Beach and Miami, affluent homebuyers are flocking in droves to some of the Sunshine State’s lesser-known enclaves in search of holiday retreats.

Nestled along the Gulf Coast, Gulf County and Walton County last year experienced a boom in second-home sales, outperforming more elite and celebrated spots.

Pacaso, the California-based real estate company specializing in luxury vacation homes, has released its 2024 list of the top 20 vacation home markets. The rankings are based on the ratio of secondary to primary homes and annual price growth from 2023 to 2024.

Although the top spot went to New Jersey’s famed Cape May County, Florida’s Gulf County clinched silver thanks to its 77% second- to primary-home ratio and an average home price of $1,003,183.

Located in Florida’s panhandle, Gulf County is part of the “Forgotten Coast,” which refers to a stretch of undeveloped coastline devoid of high-rises and strip malls, and renowned for its pristine beaches, stunning vistas, and starry skies unspoiled by light pollution.

“Gulf County, part of the Panama City metro area, boasts 244 miles of white-sand shoreline,” according to Pacaso.

Tranquil living on the ‘Forgotten Coast’

Home to just over 14,000 inhabitants, according to the 2020 U.S. Census Bureau, Gulf County offers a laid-back coastal lifestyle that’s perfect for nature lovers and beach bums. People with a taste for adventure and the great outdoors can enjoy fishing, sailing, diving, and snorkeling, as well as kayaking and paddleboarding.   

The Forgotten Coast is also just a short drive away from more bustling beach destinations like Panama City and Destin.

“The beaches near Florida’s Forgotten Coast boast easy access from states to the West,” says Realtor.com® senior economic research analyst Hannah Jones. “Buyers may be able to find better deals on Florida’s Gulf Coast, which could draw some attention away from higher-priced locales.”

According to the latest housing data from Realtor.com, the median list price in Gulf County in May was $675,000, down 6.5% from its peak a year ago, but up more than 72% compared with mid-2019. 

As of last month, Gulf County had more than 360 homes for sale, marking the highest May inventory on record.  

The priciest city in the county is Port St. Joe, where the typical home was sold for $495,000 in March, which was more than 30% higher than the county median.

Luxury getaway on the ‘Emerald Coast’

Situated on the “Emerald Coast” in northwestern Florida, Walton County ranked third on Pacaso’s list of the top vacation home markets in the U.S. owing to a winning combination of secondary- to primary-home ratio of 67% and an average home price of $1,444,503.

“Walton County is home to the renowned 30A, a scenic coastal highway, and features many popular beach towns along the Emerald Coast, including Alys Beach, Seacrest, and Seaside, making it a prime spot to scoop up a vacation home,” writes Pacaso.

The area boasts 26 miles of postcard-perfect sugar-white beaches, 15 rare coastal dune lakes, and more than 200 miles of hiking trails, including the 19-mile Timpoochee Trail, which can be explored on foot or by bike.

History buffs are sure to be charmed by the quaint town of DeFuniak Springs, dotted with nearly 200 historic buildings, including what is believed to be Florida’s oldest continuously operating library, founded in 1886.

Compared with Gulf County, Walton County is more high-priced, with a median list price of $965,000 as of May, down 3.4% year over year but up more than 53% from six years ago.

According to the most recently available sales figures from March, the median sale price in Walton stood at $690,000 that month, representing a surge of more than 86% from March 2019.

The town of Santa Rosa Beach was the area’s most expensive, with the median sale price of $850,000 in March.

Walton County had over 2,600 homes listed for sale in May, up nearly 14% from a year prior.

“Walton County offers buyers top-notch beaches and ample amenities at a lower price than some of the more popular Florida beach towns,” says Jones.

Among the 13 states represented on Pacaso’s 2024 list, Florida had the highest number of ranked vacation home markets, claiming five spots.

Besides Gulf and Walton counties, Collier County ranked fifth, Palm Beach County ranked 12th, and Nassau County snagged the 17th spot.