As we have discussed in previous articles, perhaps the biggest pandemic impact on the real estate market is the popularity of the virtual workspace. With many companies now allowing their employees to work from home, we have seen a record number of out-of-state moves. To view our previous article about the remote working environment and its impact on Americans moving to Florida, click here or here. Not surprisingly, The Sunshine State has been the biggest benefactor of the recent moving trends with more Americans moving to Florida than any other state in the country.
Regional trends and destinations
According to the latest data, the highest proportion of moves being considered was somewhere between 500 to 1,500 miles away (42%). Not surprisingly, Midwesterners (38%) and Northeasterners (46%) are looking to relocate to warmer temperatures in the Southeast. Whereas Southeasterners, Southwesterners, & Westerners all had higher likelihoods of staying local to their respective regions.
As we have seen for some time, the State of Florida was the top destination of choice for most Americans looking to relocate out-of-state. In fact, 1 out of 7 out-of-state moves were considering The Sunshine State as their top choice. As for the top states with residents looking to change their coordinates to the warm sunshine in Florida, they included:
- New Jersey
- California
- New York
- Illinois
- Ohio
- Massachusetts
As for Floridians looking to make a move, they most likely realize the appeal of The Sunshine State and tend to move within Florida, instead of out-of-state.
Summary
Although we are seeing a significant slowdown in real estate activity throughout the country due to rapidly rising mortgage rates, the allure of moving to Florida remains high. It is for this reason that many economists believe that any softening of home values will be less pronounced in The Sunshine State due to continued high demand. Now more than ever, it is important to have local and knowledgeable real estate professional guiding you through this housing market. As a native to South Florida, Natasha Moore can provide you this expertise throughout the South Florida market. Contact her today for all of your South Florida real estate needs.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our trusted “Florida Home Search” app is available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
