Buyers relocating South drive up Florida’s luxury real estate markets



With more buyers relocating from the north of the U.S. to the south, two counties in Florida have topped the country’s list of fastest-growing luxury real estate markets.

The finding comes from realtor.com’s latest Luxury Home Index for May 2018, which found that the top five percent of the most expensive homes in Sarasota, North Port, Florida, and Collier, East Naples, Florida, saw prices rise by 19 percent and 14 percent year-over-year respectively in the last month. Another Florida county, Broward County, which is home to the city of Fort Lauderdale, ranked 19th overall and saw year-over-year growth of 9 percent.

Javier Vivas, realtor.com’s director of economic research, said the data shows that luxury housing prices in Florida are rising much more rapidly than the rest of the country. He said buyers from places like Boston, Chicago and New York are quickly wising up to the fact they can get a “better bang for their buck” in the south.

Other markets, including Colorado, Northern California and Washington also saw double-digit growth in luxury home prices.

“Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is, in some cases, leading to spillover demand for their less pricey neighbors,” Vivas said. He noted that luxury prices in markets like New York, Boston, and Chicago have been showing signs of softening, according to realtor.com’s analysis of the latest data.

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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