The COVID-19 pandemic brought several changes to our daily lives and impacted every industry. Real estate was no exception, particularly in South Florida where social distancing, home-schooling, low interest rates, and remote working created the perfect opportunity for homebuyers who were considering relocating from Northeastern states. Additionally, many people were drawn to South Florida for the climate, taxes and lifestyle it offers.
In May 2020, three months after the start of the pandemic, the Miami metropolitan area (Broward, Miami-Dade and Palm Beach counties) experienced a 48% decrease in single-family home sales. In June 2020, the metropolitan area had an eight-month supply of single-family home inventory and by the end of 2020, the median sales price for a single-family home increased by 2.1% to $372,500. The total number of active single-family listings in the metropolitan area dropped to a 12-year record low with only 9,495 homes being listed for sale across all price ranges.