Florida has seen an influx of people moving to the state, thanks to the coronavirus.
Roughly 950 people move to Florida every day and the state has seen an “unprecedented demand” in luxury home sales as people from the Northeast are abandoning big cities, the Daily Mail reported. The 2020 Miami Report that was released this summer says many of these new residents are coming from states with high taxes, like New York, Boston, California and Chicago.
In Palm Beach County, new single-family and condo contracts were “well above normal levels” from a year ago, according to the August 2020 Douglas Elliman report. This is a 268 percent increase in single-family contracts over $1 million.
For the first six months of 2020, about 80 percent of residential transactions were residential transaction, the Daily Mail reported. Experts also say many buyers from the Northeast were looking to buy in August due to concerns that COVID-19 could make a comeback in flu season.