Known for its year-round sunshine, world-famous beaches, and tropical cities, Florida has always been a popular destination trip for many. From families flocking to Orlando for Disney World to couples spending a weekend away in Miami or The Florida Keys, it seems as though the state has something for everyone, but recently people have been flocking to the state and deciding to make it their permanent home. With low taxes, warm weather, and many attractions nearby, Florida has become one of the fastest-growing markets in the country with an estimated 845 people moving into the state per day.
The COVID-19 pandemic could be a reason why Florida is seeing unprecedented growth in the past year. Companies have been allowing many people to work from home indefinitely due to the pandemic which has given employees freedom in regards to where they want to live. Florida also had fewer restrictions in place than many other states and some people have seen that as a positive when choosing to make the state their home.
Perhaps one of the hottest Florida real estate markets right now is the Tampa and St. Petersburg areas. A dominant sports city coupled with world-famous beaches and high-end restaurants makes the Tampa Bay area a highly desirable place to live. According to Forbes, the median sale price in St. Petersburg has skyrocketed 27% in the past year and, like many other Florida cities, their available inventory has seen a steady decline with only 554 homes on the market in May of 2021.
Alongside Miami and Fort Lauderdale, prestigious Palm Beach has also seen an increase in the number of buyers looking to move to the area. According to the Wall Street Journal, at least 22 homes have sold for $40 million-plus since the beginning of the Covid-19 pandemic. A steep drop in inventory has allowed for 28% of homes to sell for over asking price and the area is creeping towards a median sale price of a whopping $500,000.
It’s evident that the Florida real estate market is one of the hottest in the country right now. Whether it be low-interest rates, warm weather, or the Covid-19 pandemic driving people to the state, one thing is clear: Florida is highly sought-after and experts seem to think the low inventory and high prices may not slow down until well into 2022.