As we have seen throughout most of the country, real estate prices have skyrocketed in South Florida during the past 18 months or so. With this said, a recent Homebuyers Report from CoreLogic analyzed which cities Americans were moving to and from across the country. As for South Florida specifically, it seems as though there has been an increase in the number of South Floridians that have opted to move out of the area. In doing so, they are able to sell at typically higher prices in South Florida and move to less expensive parts of the state.
Although the pandemic and resulting increased prevalence of virtual working environments has brought more Americans moving to South Florida, we are also seeing some South Floridians moving to northern Florida and other less expensive markets. Across the country, there has been a trend in migration patterns from more expensive coastal areas to suburbs and secondary, less expensive cities.
Metros with the highest out-migration
- New York-Newark-Jersey City, NY-NJ-PA
- Los Angeles-Long Beach-Anaheim, CA
- San Francisco-Oakland-Berkeley, CA
- San Jose-Sunnyvale-Santa Clara, CA
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Miami-Fort Lauderdale-Pompano Beach, FL
Top 9 metros with the highest in-migration
- Riverside-San Bernardino-Ontario, CA
- Lakeland-Winter Haven, FL
- Myrtle Beach-Conway-North Myrtle Beach, SC-NC
- Las Vegas-Henderson-Paradise, NV
- Tampa-St. Petersburg-Clearwater, FL
- Port St. Lucie, FL
- Jacksonville, FL
- San Antonio-New Braunfels, TX
- Deltona-Daytona Beach-Ormond Beach, FL
- Out of the top nine metros with the highest in-migration, Florida has five locations
It is important to note that the South Florida market is still experiencing an overall increase in population with more Americans moving to the area. (Hence the number of Florida cities with the highest in-migration numbers in the country.) With this said, the increased home prices have made it tempting enough for many South Floridians to cash in on their home values and move to less expensive markets within the state. As an example, the typical home value in Broward County is $325,132. For comparison, the typical home value in Marion County (Ocala area) is $193,231. In this scenario, it is quite likely that a South Floridian would be able to sell their home, purchase a home in the Ocala market for cash, and still have money left over for living expenses or even retirement. Oftentimes, the South Florida homes being sold are being purchased by Northeastern U.S. transplants or buyers from Latin American locations.
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. At Live South Florida Realty, Inc., we have 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 recently launched “Florida Home Search” app is now 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!