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South Florida’s Real Estate Market Continues to Stay Hot


March 2, 2022

South Florida’s Real Estate Market Continues to Stay HotThere’s no denying that Florida has become a popular destination in recent years. According to projections from the Florida Chamber of Commerce, an estimated 26 million people will move to South Florida by 2030. The real estate market in South Florida has been driven by population growth, which has been fueled by people and businesses migrating from high-tax urban areas.

 

Miami’s real estate market continues to set new records as a result of pent-up demand and historically low mortgage rates, which continues to stimulate real estate transactions. It’s also because more Americans and businesses are coming to South Florida from high-tax, high-density cities, which is fueling demand for real estate in the area. Multiple Listing Service (MLS) data shows that Miami-Dade County real estate had its best-ever December sales month in 2021, closing out the historic year with a slew of year-end records, including the most annual total home sales, the highest annual dollar volume, the highest number of single-family home sales, most condo transactions and numerous other milestones.

 

Many people from the northeastern states have moved to Florida because of its low cost of living, pleasant climate, and less restrictive atmosphere. As a result of the remote work revolution, many telecommuters are able to work from a warm environment without having to pay state income tax in South Florida. While rising home prices may be bad news for many homeowners, it’s good news for Continuum South Beach rental property investors, helping to explain why rental growth and demand in South Florida are so high.

 

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