It has been over a year now since the various quarantines and lock downs were implemented due to the pandemic. Needless to say, this forced many Americans to spend a considerable more time at home. In many cases, this also meant that both Mom and Dad had to start working remotely from home via video calls while the children also attended school remotely utilizing similar technologies. As many of us can relate to, this can result in a lot of distracting noise in the home forcing you to find a quiet corner just to get your work done.
What the data shows
According to a recent report from Realtor.com, bigger is better. An interesting finding in this report was that homes with 4,000 square feet or more sold faster in 70% of the 150 metropolitan markets analyzed. For perspective, this report looked at closed sales in February 2021 as compared to February 2020.
As for South Florida specifically, Miami ranked #9 on a list of the top 10 areas with the highest percentages of large homes for sale. The median list price for 4,000+ square foot homes in Miami was $3.5 million in February 2021.
Although we have seen a spike in home remodeling as a result of the stay-at-home orders due to the pandemic, oftentimes homeowners do not have the luxury to add additional square footage to their homes. Thus, this has created a surge of home buyers looking for larger homes to accommodate this new way of living. For many, the remote working environment is a permanent change. In addition, many homeowners have also opted to build a home gym in the home as well.
Needless to say, this trend is mostly being seen in the high-end market. To add to this increased demand, South Florida is also experiencing a spike in buyers looking to relocate from other states. After all, why not work remotely from a tropical paradise while also enjoying no state income taxes?
Are you thinking about buying or selling a home in South Florida? If so, we can help. Contact Live South Florida Realty, Inc. today and let us show you why we are the most trusted real estate brokerage in South Florida. We are looking forward to assisting you.