People are flocking to the ‘Sunshine State,’ driving up the price of real estate in many popular towns. Once a relatively affordable place to enjoy abundant sunshine and warm temperatures year-round, property values have risen significantly in recent years.
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For example, the average Florida home value is currently $399,944, compared with $249,725 in January 2020, according to Zillow.
Desiree Avila , a board-certified realtor with Charles Rutenberg Realty, who specializes in South Florida, said the marked increase in home values in her area is due to both domestic and international migration to the state, as well as low interest rates during the COVID-19 pandemic.
“These migrations have been a force in maintaining a strong demand in South Florida for real estate and part of the reason cities like Miami and Fort Lauderdale have become less affordable over the past few years,” she said.