T
he Empire State's elite are abandoning New York for the sun-kissed shores of Palm Beach, Florida. As COVID-19 restrictions lifted, a mass exodus of wealthy New Yorkers flocked to this affluent haven, driving up property prices and inventory shortages.

    Palm Beach has become a magnet for high-net-worth individuals seeking a more relaxed lifestyle, with its median home price soaring to $4.3 million and median listing price reaching $2.9 million. Realtor.com's Hannah Jones notes that the pandemic accelerated an already existing trend of migration to South Florida, citing data showing one in five potential Palm Beach buyers hail from New York.

    The influx of New Yorkers has contributed significantly to Palm Beach County's property market, with the county accounting for the most out-of-state demand on listings each year since 2019. According to The Palm Beach Post, Manhattan residents, boasting an average income of $728,000, led the charge in newcomers to Palm Beach County.

    As a result, single-family home prices have skyrocketed by 89% since 2019, with the median price reaching $665,000 in 2024. Miami-based real estate agent Ana Bozovic attributes this surge to the increasing unaffordability of new construction, citing a decline in single-family homes under $500,000 in Miami.

    The luxury market has seen a staggering 640% increase in transactions since the pandemic, with notable figures like Serena Williams, Howard Stern, and Jon Bon Jovi purchasing properties in Palm Beach County. Billionaire's Row, a coveted area in Palm Beach, boasts some of the world's most expensive mansions, including a vacant two-acre lot selling for a staggering $200 million.

    The South Florida real estate market has officially entered the stratosphere, with prices reaching unprecedented heights. As Bozovic notes, "It's not going backwards." The wealth migration to South Florida is expected to continue, with Palm Beach at its epicenter.