New Yorkrs Rich flock to Palm Beach, causing house prices to rise: ‘Supercharged migration’

At the height of the Covid-19 pandemia, the rich New Yorkrs eager to escape the Big Apple borders fled south to the island of Tony, soaked by Palm Beach sun, sharing a trend of migration that has ever continued, sending home Local local prices that grow in the process.

While the demand for home on the barrier island increased, it caused not only a significant increase in the average property price, but also prompted a significant decline in the available inventory.

“Palm Beach saw a massive rise in housing demand during the Pandemia, which issued higher house prices and lower inventory levels,” says senior data analyst Realtor.com® Hannah Jones.

The average home in the luxury city, which has a population of less than 10,000, peaked with a $ 4.15 million in April 2022 after years of growth, according to Jones.

Although the average price required since then has fallen, it remains much more than 2019 levels.

“Despite the improvement, the prices of the houses remain much above the pre-Fandemic levels in Palm Beach as the effects of the pandemic era question continue,” Jones adds.

And residents with deep pocket of Empire State are largely responsible for Palm Beach’s stratospheric house prices, according to experts.

“Its’S’S a migration of wealth from New York City,” says Ana Bozovic, a Miami -based real estate agent and founder of Analytics Miami, tells Realtor.com, addressing unprecedented changes in Palm Beach.

Begins a southern migration ‘overloaded’ southern

In 2019, months before the first known cases of Covid-19 began to appear in US cities, a 6.5% package of list views at Palm Beach County came from New York, according to a realtor data analysis. com.

However, by 2021, the Pandemia had tightened its flu in New York City, beating its hospitals and leaving residents within the bounds of their homes often. So, the top high individuals who were able to do this begin to take greedy views towards Palm Beach, pushing that part of the ranking views to 8.1%.

Of course, Yakers New Yakers liked what Saw Down South because interest in Palm Beach’s real estate continued to grow in the back, though the pandemia slowly withdrew in the past.

“What Covid made that overloaded migration in Southern Florida, so accelerated the trends that were already in the country,” Bozovic explains.

In 2023, the part of the New York ranking views reached a comprehensive height of 19.6%, which means that 1 in 5 possible homes were from Empire State.

“The state of New York contributed the most overseas demands for Lists at Palm Beach County every year, from 2019 to 2024,” according to Jones.

A study of driver’s license data conducted by Palm Beach Post in 2023 showed that New Yed run the road to the most newcomers to Palm Beach County who were returning to their non -thriving licenses, with that figure staying in 8,059 in 2022.

Bozovic mentioned another set of data that came out in 2021, which showed 41% of Palm Beach County transplants that year came from New York City.

And, when the IRS analyzed the data that year, it turned out that the inhabitants of Manhattan who moved to Palm Beach County to the Covid-19 heels all had one thing in common: wealth, with an annual average income of $ 728,000.

Reorganization of the South Florida real estate market

“Entrepreneurship always flows into a new country, and New York was the 20th century capital after World War II, the pre-internet era,” Bozovic says. “Now, there is a new era coming, and Covid broke enough habits to allow the formation of young people; and is a kind of overloading these models of migration.”

Bozovic points out that what is happening in Palm Beach is part of a broader trend that has reshaped the South Florida real estate market since Pandemia.

“At Palm Beach County in 2024, the average house price with a single family was $ 665,000. In 2019, it was $ 370,000. This is an increase of 89%,” Bozovic says, always reflecting what she has Seen in Miami, where the availability of each home with a single family below $ 500,000 has a pencil since 2019.

The lack of affordable houses in Palm Beach County and Miami comes down to two closely related factors, according to Bozovic.

“It is not possible to build a new product at that second price point for the cost of land and the cost of construction, so nothing new in the first places will be delivered to replace the things that have been [there] But they appreciated it, ”she explains.

The story of the average house rankings at Palm Beach Close follows the trajectory of the frenzied New Yorkers interest on the island’s luxury property and, according to Bozovic, this is no coincidence.

Between September 2019 and January 2025, the average list of the list at Palm Beach nearly doubled, rising from $ 1.5 million to $ 2.9 million.

During the same period, Palm Beach’s house inventory at a demanding price of more than $ 1 million dropped in half, from 313 to 137.

Bozovic says that when she came to the figures, what hit her was the luxury house sales explosion with $ 2,000 per square foot at Palm Beach County. These transactions increased by 640% from 2019 to 2024.

During the same period, sales of ultraluxe property worth at a minimum of $ 20 million increased 500%.

In January 2025 alone, Bozovic says six houses had sold for more than $ 20 million. By comparison, there were only five sales at that price point for the whole year of 2019.

While Bozovic admits that New Yorkrs with money are not only To blame for the stunning price increase at Palm Beach Real Estate, she says they are indisputable “an important part of the puzzle” because, she argues, they “created an appetite for product price points that did not essentially exist before. ”