There is no doubt that we have seen an abrupt slowdown in the real estate market. Market dynamics such as high home prices, record inflation & fuel prices, and now rapidly rising mortgage interest rates have certainly halted much of the buyer activity. With this said, recent housing data in Q2 of 2022 indicates that many Americans are still conducting home searches outside of their local metro area. In fact, the number of home searches outside of local metro areas was 32.6%. To put this figure into perspective, the number of home searches outside of local metro areas before the pandemic was approximately 26%.
Moving to Florida?
Interestingly, Florida continues to dominate online searches for housing outside of local metro areas. In fact, The Sunshine State was the preferred destination for approximately 40% of the top 10 out-of-state searches. The most searched Florida cities were Miami, Tampa, Cape Coral, & North Port. Where these cities ranked and their top respective origin states are listed below:
- #1 – Miami, FL: 33.3% of searches came from out-of-state (top origin state = New York)
- #2. – Tampa, FL: 36.3% of searches came from out-of-state (top origin state = New York)
- #6. – Cape Coral, FL: 67.1% of searches came from out-of-state (top origin state = Illinois)
- #8. – North Port, FL: 66.8% of searches came from out-of-state (top origin state = Illinois)
It is important to note that for many Floridians, the high price of homes plus 5% mortgage interest rates make it incredibly difficult to purchase a home right now. With this said, for many Americans located in more expensive states such as New York & Illinois, a home purchase in Florida is still quite feasible. In addition to getting more house for their money, these out-of-state buyers are also able to benefit from a lack of state income tax. Add in the fact that many employers are now allowing remote working arrangements and it makes sense why Florida continues to be the most desirable destination for many Americans.
Are you thinking about moving to Florida? At Live South Florida Realty, Inc. we have assisted many clients with finding their slice of paradise and can do the same for you. Contact Natasha at Live South Florida Realty, Inc. today! Are you looking to make your home searches even more efficient? Download the Florida Home Search App for your mobile device today!