Miami’s real estate market has experienced rapid growth, with a notable 188% increase in home prices over the past decade, making it one of the fastest-growing markets in the U.S.

In 2023, this urban area claimed the top spot as the most rapidly appreciating housing market within the United States.

Reported by the Knight Frank Global Cities Index 2023, this city uniquely stands out as the sole major U.S. destination witnessing an increase in luxury home prices.

Miami Secures 2nd Spot in Global Luxury Price Appreciation. 2023 Miami was the Second-Best Luxury Property Market Globally.

What’s fueling the housing demand in Miami? Florida has been attracting a influx of homebuyers from crowded, costly areas with high taxes. Renowned for its lack of state income tax, Florida is especially appealing to retirees. The pandemic accelerated migration to Florida, with remote work opportunities allowing individuals to reside and work from any location—making sunny Florida a prime choice. Consequently, Florida earned the title of the fastest-growing state in 2022 for the first time since 1957.

In 2022, Florida saw an influx of 1,142 net new residents daily, as per the U.S. Census data, numbers continuing stay high by 2024.

Both remote and in-person employees are flocking to Florida, particularly Miami, thanks to a thriving job market, with the city serving as a hub for multinational corporations providing enticing career prospects. Miami boasts an impressively low unemployment rate of just 2%, significantly below the national average.

The rising number of new residents is fueling the housing demand in Miami. Moreover, Miami’s appeal extends beyond the U.S. borders, positioning Florida as the premier market nationwide for international real estate buyers seeking residence or investment opportunities in the state.