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Insight Q1 2021: Miami Real Estate’s Growth Is Being Fueled By New Markets

Photo Credit: Rashtravardhan Kataria

Buyers From Various Regions Are Making Their Way To South Florida

It is no surprise that Florida hosts more visitors from New York than from any other state. We’ve long joked that Miami is New York’s sixth borough.  What’s increasingly of interest to South Florida’s residential real estate market is the number of individuals buying homes here from throughout the south, southwest and even west coast, as in California.

This was already a trend prior to COVID. So, while the travel restrictions related to the pandemic brought international travel to a complete halt, we continued to see a trickle of buyers from other parts of the US making their way into our community. The fact that the U.S. Census statistics reflect that Florida is growing at the rate of 661 ‘net’ new residents per day, while 16 of our country’s 50 states are losing population, is certainly no surprise to those within the real estate industry. These trends are easily identifiable in the Internal Migrations Map, which is a section of this report.

Top Markets Fueling South Florida’s Growth

Photo Credit: Rashtravardhan Kataria, Maarten Van Den Heuvel, Dimitry Anikin, Prateek Keshari, Bhargava Marripati

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Our Associates write often to give you the latest insights on owning a home or property in the Southeast Florida area.