Why South Florida - 2Q 2023_Final
South Florida Migration
South Florida’s population grew 4.8% over the last five years, or by 287,000 residents. Since 2020, the region's population grew by 2.0%, or by 115,000 residents. The increase in population led to residential home sales spiking in South Florida through 2022 as well as keeping demand for multifamily investments throughout the region. South Florida sawmore than $11.4 billion in sales volume through 2022. Although this was down by 31.5% from this time as a result from increasing interest rates, the median sale price of $570,000 was still a 13.0% year-over-year increase. The area has benefited from many wealthy residents moving particularly from the northeast. Florida’s population growth held for the 12th consecutive year, increasing over 1.9% in 2022, surpassing over 22.2 million residents.
The South Florida MSA is projected to grow by 4.8% through 2025, or by approximately 300,000 residents.
2017-2022 NET MIGRATION RANKINGS 224K FORECASTED
600k
486k
400k
276k
271k
269k
267k
229k
224k
175k
166k
200k
149k
130k
127k
123k
112k
86k
62k
San Francisco, CA
Los Angeles, CA
Chicago, IL
New York, NY
0
Dallas, TX
Phoenix, AZ
Tampa, FL
Austin, TX
Houston, TX
Atlanta, GA
Orlando, FL
Charlotte, NC
San Antonio, TX
Jacksonville, FL
North Port, FL
Raleigh, NC
Nashville, TN
Lakeland, FL
South Florida, FL
Seattle, WA
−200k
−158k
−343k
−400k
−600k
−556k
−594k
Cushman & Wakefield | Why South Florida
Net Migration (2017 – 2022)
Projected Net Migration (2023 – 2026)
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