This Coastal City in Rhode Island Was the No. 1 Place to Buy a Vacation Home in 2023

Rhode Island's Newport County ranked No. 1 in luxury second home transactions in 2023, according to a report by Pacaso.

Rhode Island may be the smallest American state, but its 400-mile shoreline dotted with white-sand beaches and picture-perfect New England towns drew over 27 million visitors in 2022 alone. The most famous of them is Newport, the wealthy enclave where America's aristocracy built larger-than-life summer homes at the end of the 19th century, transforming the town into one of the country's most exclusive vacation destinations.

And it seems like, even in today's real estate market, Newport is still the go-to place for high-net-worth individuals to purchase second homes. Newport County just ranked first in luxury second home transactions in 2023, according to a report by Pacaso, a company offering fractional home ownership.

Newport County saw a whopping 64 percent increase in home purchases of over $1 million, with an average sale price of $2,003,945.

"Once a favored vacation home destination for esteemed families like the Vanderbilts and Kennedys, Newport offers a diverse array of activities and attractions," Austin Allison, Pacaso's CEO, told Travel + Leisure. "Important to note, Newport's location places it within easy driving distance of New York, Boston, or Connecticut, making it an ideal summer getaway from the hustle and bustle of the city."

Beyond the Gilded Age mansions, which have become a major draw, the city by the sea offers many activities for its part-time residents. With a rich maritime history dating back centuries (Newport was founded in 1639), the town is at the heart of America's — and the world's — sailing industry (it even has a main road named after the prestigious America's Cup). An 8,500-square-foot Sailing Museum, documenting the sport's history opened in 2022. Nowadays, Newport Harbor is also a major yachting hub that can accommodate vessels of up to 180 feet.

Of course, the main summer attraction are the beaches, and there are dozens of them in the Newport area to satisfy every beachgoer's taste — whether you are seeking a spot with family-friendly amenities (Easton's Beach), a place to catch waves (Sachuest Beach in Middletown), or just a quiet stretch of sand to relax and enjoy the views (Gooseberry Beach). Speaking of Newport's coastline, another way to enjoy it is from your car. Ocean Drive is a scenic 10-mile road that snakes past mansions and stunning waterfront vistas.

And for those who prefer to increase their daily step count, the Cliff Walk is an iconic 3.5-mile walkway that rewards visitors with breathtaking ocean views and glimpses of The Breakers, Vinland Estate, and Ochre Court. Another way to get the heart pumping while vacationing in Newport? Head to the Hall of Fame Tennis Club, which, in 1881, hosted the first U.S. National Lawn Tennis Championships, the tournament that preceded the U.S. Open.

"In the wake of the pandemic, Rhode Island has experienced a notable surge in prices across all property types,” Brandyn Brunelle, chief strategy officer at Residential Properties Ltd./Luxury Portfolio International, told T+L. “Newport boasts an abundance of colonial homes, many dating back to the early 1700s. While every prospective homebuyer holds distinct preferences, those seeking a secondary residence are often drawn to recently renovated properties.” Brunelle added that move-in ready homes tend to stay fewer days on the market and often command offers above the asking price.

Other destinations on Pacaso's list include Florida's Volusia County, home to Daytona Beach, and Maine's York County, where historic Kennebunkport is located. You can read the full report on pacaso.com.

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