South Florida, which was previously considered exclusively a vacation destination, has lately turned into a global financial and economic hub. The number of new residents in three largest counties of the region, namely Miami-Dade, Palm Beach, and Broward, grew the most over 2022, which boosted the demand for housing.
According to ISG World, the number of open listings of single-family houses and condominiums in these three counties dropped by 24% from Q4 2022 through Q1 2023. This evidences that the properties hitting the market get bought rapidly.
The average selling price of a single-family house in South Florida counties increased by 8% over the same period, from $1,233,500 to $1,335,594. At the same time, the number of affordable housing listings grew the most, by a whopping 152%.
About 40,000 residential units are currently at various stages of construction in this area. Francis Suarez, Miami Mayor, believes affordable housing to be a key factor of local economy growth. Many companies move to this area, and their employees need to live somewhere. Over the past few years, offices of firms managing assets worth a total of $2.5 trillion, like Citadel, Blackstone, Starwood Capital, and Millennium, opened in Miami. Approximately 9,000 jobs were created. The salary growth was also the highest nationwide.
Judging by all performance indicators, the economy of South Florida regions is steadily developing and prospering.