A recent Citizens Budget Commission report highlights an influx of about 30,000 affluent New Yorkers, with a combined income of $9.2 billion, relocating to Miami-Dade and Palm Beach Counties from 2017 through 2022. This mass migration contributed to soaring home prices, with median list prices increasing by up to 45% during the pandemic period. While recent data indicates a decrease in prices since mid-2023, properties remain significantly higher than pre-pandemic levels, pointing to sustained demand despite inventory growth.
After years of relatively stable price growth, Palm Beach and Miami-Dade counties saw prices surge as high-earning buyers flooded the market.
Buyers flocked to the area to take advantage of the sun, sea, and relative affordability. This surge in popularity led to fierce competition, plummeting inventory, and significant price growth.
Though prices have cooled and inventory has climbed, the area remains significantly more expensive than it was before the pandemic.
New York Cityâs population began to decline in 2017, accelerating during the pandemic, when the city lost nearly a half-million residents between April 2020 and July 2022.
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