Buyers can’t get enough of Florida real estate

Buyers can’t get enough of Florida real estate

3 out of 10 Americans looking to relocate choose the Sunshine State, according to the July Migration Report from Redfin. The latest figures reveal that Miami, Tampa and Cape Coral are firm favourites for a new life in a new home. A warm year-round climate and low personal taxation are two of the main reasons behind the popularity of Florida real estate. 

Warm weather destinations favourites 

The Redfin migration tracking for July found that Miami topped the rankings for the most-searched-for destinations. The Florida beach resort has featured in the top 10 list for the last four years but had never stood in first place until July 2021. 

Miami real estate attracted the attention of 7,610 Redfin users in July, more than three times the number a year ago. Americans looking at homes in Miami were mainly from New York metro.  

2 other Florida metros, Tampa and Cape Coral, ranked in the top 10. Both saw sharp increases in migration inflow in the 12 months to July. Tampa attracted the most interest among people living in Washington DC while Cape Coral was a favourite with homebuyers from Chicago. 

Reasons for Florida real estate 

The Sunshine State consistently ranks at the top of the migration charts, both among retirees and working Americans. In addition, Florida has multiple attractions for people from everywhere in the US. 

“Homebuyers are moving here from all over the map,” said Milagros Alvarez, Redfin real estate agent in Miami. She attributes the interest to Florida’s beaches, warm weather and low taxes, which, she says, “are the major draws”. In addition, Florida real estate is considerably cheaper than properties in many parts of the US. 

Least popular states 

At the opposite end are the states currently losing residents in favour of metros in Florida, Arizona and Texas. In July, America’s biggest cities saw most people leave with San Francisco, Los Angeles, New York, and Washington at the top of the table. 

However, Redfin noted that net figures for some metros were lower than July 2020. This was the case, for example, in New York. The Big Apple had a net outflow of 18,382 compared to 26,650 last year, a decrease that analysts attribute to the lifting of pandemic restrictions. 

interstate and metro migration in the US

Migration for 30% of Americans

The Redfin data finds that moving to another metro or state continues to be popular among Americans. In July, 29.8% of the portal’s users were looking to relocate. The figure is slightly down on the 31.1% in Q2. 

It is, however, considerably ahead of pre-pandemic levels. Over 18 months after the arrival of Covid-19, relocation is a priority for almost a third of Americans. And Florida real estate will undoubtedly continue to rank among the most popular in the country.

(Source: Redfin)