We are approaching a third year into the pandemic and it is safe to say that life and the way business is conducted has changed forever. In addition, we are certainly seeing the pandemic impact real estate trends as well. As for The Sunshine State, it is also safe to say that it is no longer merely a retirement destination for retirees. Although many Americans still opt to spend their winters in Florida, we are also seeing a significant number of working Americans and companies relocating to paradise.
2022 Real Estate Trends Summit
Recently, a panel of Realtors®, site developers, and economic development experts spoke at the 2022 Real Estate Trends Summit. Overall, it was noted that a few trends will impact the Florida economic and real estate markets moving forward. They are as follows:
- Business relocations: A significant trend in recent years being seen in the state Florida is the increasing number of companies moving into The Sunshine State. Both big and small companies are choosing to move their headquarters to paradise.
- Remote working environments: As seen across the globe, more companies are opting to adopt a virtual or remote working environment. In doing so, these companies are able to downsize or even eliminate their commercial space as well. With more companies finding increased or equal productivity while decreasing their overhead, many in the workforce have decided to permanently move south to Florida. We expect this trend to continue moving forward.
The average salary in Palm Beach County is $61,000. Meanwhile, the average salary of people moving into the county is now approaching $1 million. The reason for this is due to many corporations and their executives relocating to Southeast Florida. While this is welcomed news for the luxury real estate market, it is certainly presenting additional challenges to compete for homes for buyers obtaining financing. Perhaps the biggest challenge in Southeast Florida is providing enough affordable housing for the workforce. Prior to the pandemic, approximately 10% of the workforce worked remotely. Today, approximately half of the workforce is working remotely with many of these workers opting to relocate to Florida.
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 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!