Why are homes so expensive in South Florida?
If you are trying to purchase a home anywhere in South Florida (Palm Beach, Broward or Miami-Dade counties), we are sure that you are finding it extraordinarily difficult. Asking prices have reach stratospheric levels and new listings are receiving multiple offers in the first few days.
We are constantly being asked, why is this the case?
Simply put, it comes down to supply and demand. During the pandemic a larger than usual number of out-of-state buyers became interested in purchasing homes within South Florida, thereby inflating the demand level. More significantly, the amount of inventory declined as home sellers removed their properties from the marketplace.