The COVID-19 pandemic prompted a significant migration of wealthy New Yorkers to Palm Beach, FL, leading to skyrocketing home prices and reduced inventory. The median home price peaked at $4.15 million in April 2022, fueled by increased demand that has persisted beyond the pandemic. Although prices have slightly decreased since then, they remain well above pre-pandemic levels. Real estate experts attribute this trend primarily to affluent New Yorkers seeking refuge, marking a notable shift in real estate dynamics in the area.
Palm Beach saw a massive uptick in housing demand during the pandemic, which drove home prices higher and inventory levels lower, says Realtor.com senior data analyst Hannah Jones.
Despite improvement, home prices remain well above pre-pandemic levels in Palm Beach as the effects of pandemic-era demand persist, adds Jones.
It's a wealth migration from New York City, says Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, addressing the unprecedented changes in Palm Beach.
In 2019, months before the first-known cases of COVID-19 started showing up in U.S. cities, a scant 6.5% of listing views in Palm Beach County came from New York.
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