In a significant shift in migration patterns, New York City is experiencing a surge of homebuyers from Florida, reversing a longstanding trend of New Yorkers relocating to the Sunshine State. According to a study by PropertyShark, Floridians represented 12.04% of out-of-state home buyers in New York City during the first half of 2024, securing the third-highest move-in percentage behind neighboring New Jersey (18.97%) and California (13.41%).
These three states collectively accounted for nearly half of all out-of-state buyers in the first six months of 2024, underscoring a notable shift in the city's real estate landscape. While New York City residents still constituted the majority of homebuyers at 77%, this figure represents a 7% decrease from 2014, highlighting the growing influence of out-of-state buyers, now accounting for more than one in 10 homes sold in the city.
Floridians have made a particularly strong impact, with 219 sales worth $315 million through June 2024. This marks a significant increase from a decade ago when 189 buyers from Florida spent $286 million on New York City real estate. The PropertyShark study also reveals a penchant for luxury among Florida's movers, who led the market in spending nearly $150 million on New York City homes valued at $3 million or more. These luxury purchases accounted for 17% of the share of out-of-state sales of high-end properties in the city and, notably, 45% of Florida's share of transactions.
The study further highlights the diverse origins of New York City's out-of-state buyers. Connecticut followed Florida as the only other state to see more than 100 buyers purchase properties in the city. On the other end of the spectrum, Alaskans represented the smallest share of out-of-state buyers, with only 0.05% hailing from the Last Frontier.
This trend reversal, with Floridians increasingly investing in New York City real estate, signals a dynamic shift in the migration patterns between these two states. As the city continues to attract buyers from across the country and beyond, it remains to be seen how these evolving trends will shape the future of its real estate market.
View the full PropertyShark report here.
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