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)