T
he COVID-19 pandemic unleashed a tidal wave of affluent New Yorkers fleeing the confines of their city, seeking refuge in Palm Beach's sun-kissed paradise. This mass migration, which began to take shape in 2020, has continued unabated, driving up home prices and depleting inventory on the barrier island.
As demand for Palm Beach properties skyrocketed, Realtor.com senior data analyst Hannah Jones notes that the median property price surged to a staggering $4.15 million in April 2022, a figure that remains well above pre-pandemic levels despite some recent moderation. The influx of high-net-worth individuals from New York has been a key driver of this trend.
According to Ana Bozovic, founder of Analytics Miami, the pandemic "supercharged" migration patterns, accelerating existing trends and creating new ones. By 2021, New Yorkers accounted for 8.1% of listing views in Palm Beach County, up from just 6.5% in 2019. This trend has continued to gain momentum, with 19.6% of listing views coming from the Empire State in 2023.
The data is clear: New York State has been the leading source of out-of-state demand for listings in Palm Beach County each year since 2019. A study by The Palm Beach Post found that New Yorkers led the way for newcomers to the county, with 8,059 non-Florida license holders turning in their licenses in 2022 alone.
The influx of wealthy Manhattanites has had a profound impact on the South Florida real estate market. According to Bozovic, the median single-family home price in Palm Beach County increased by 89% between 2019 and 2024, mirroring similar trends in Miami. The scarcity of affordable homes in both counties can be attributed to the high cost of land and construction.
Bozovic notes that the history of median home listing prices in Palm Beach closely follows the trajectory of New Yorkers' interest in the island's luxury properties. Between September 2019 and January 2025, the median listing price nearly doubled, increasing from $1.5 million to $2.9 million. During this period, the inventory of homes with an asking price over $1 million dropped by half.
The sales data tells a similar story: transactions for luxury homes priced at $2,000 per square foot soared by 640% between 2019 and 2024, while ultraluxe properties valued at a minimum of $20 million saw a 500% surge in sales. In January 2025 alone, six homes sold for over $20 million, compared to just five such transactions for the entire year of 2019.
While Bozovic acknowledges that moneyed New Yorkers are not solely responsible for Palm Beach's stratospheric home prices, she argues that they have undoubtedly created an appetite for product price points that didn't exist before. As the pandemic recedes into memory, one thing is clear: the migration of affluent New Yorkers to Palm Beach has reshaped the South Florida real estate market in lasting ways.
