Miami’s Enduring Appeal: A Magnet for Domestic and International Buyers
Miami continues to solidify its status as a premier destination, attracting a significant influx of both domestic and international property buyers. Despite shifts in the real estate market, the Sunshine State’s allure, particularly Miami-Dade County, remains strong, drawing individuals seeking new opportunities and a change of scenery.
New Yorkers Continue to Choose Miami
Analysis of recent domestic migration data reveals a pronounced trend of New Yorkers relocating to Miami-Dade County. Over 6,000 individuals moved from New York City to Miami-Dade in 2024, making it the most popular Florida destination for those leaving the Big Apple. This migration is largely attributed to the rise of remote work, enabling people to leave expensive urban centers for more affordable locations with better homeownership prospects. Broward and Palm Beach counties also saw substantial numbers of New Yorkers, with these three counties accounting for approximately 41% of all New York City to Florida migrations.
Key Takeaways:
- Miami-Dade County is the top Florida destination for New Yorkers.
- Remote work is a significant driver for this migration.
- Miami offers a more affordable lifestyle compared to New York City.
Miami Leads the Nation in Foreign Buyer Interest
Despite a national slowdown in foreign real estate investment, Miami has maintained its position as the most sought-after city for international buyers in the U.S. While sales to foreign buyers in South Florida saw a decline in 2024 compared to the previous year, the region’s share of foreign buyer activity remains significantly higher than the national average. Buyers from Argentina, Colombia, and Canada were among the largest international groups investing in South Florida properties. Factors contributing to the overall slowdown include a strong U.S. dollar, limited inventory, and election year uncertainties.
Foreign Buyer Market Share:
- South Florida’s foreign buyer share: 10% in 2024
- Nationwide average foreign buyer share: 2%
- Florida’s overall foreign buyer share: 3%
Miami-Dade County alone represented 65% of South Florida’s foreign buyer market, with sales volume reaching $2.3 billion in 2024. This sustained interest underscores Miami’s global appeal and its resilience in the international real estate landscape.
Sources
- New Yorkers flock to Miami-Dade | Real Estate, IslanderNews.com.
- Miami remains top U.S. city for foreign buyers, Scotsman Guide.