Strong population growth and job market: Florida has strong population growth, particularly in cities like Miami, Orlando, and Tampa. International Buyers: South Florida is a popular destination for international buyers, particularly those from Latin America and Europe. All products are presented without warranty. There are several factors that drive housing demand in South Florida: Climate: South Florida has a warm, tropical climate that attracts many retirees and snowbirds, who are looking for a place to escape the cold weather during the winter months. The supply of single-family existing homes increased to a 2.7-months supply while existing condo-townhouse properties were at a 2.8-months supply in 2022. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. The median days on the market was 53 days, up 22 year over year. Homes that sold above list price likely received multiple offers. Additionally, Florida's job market is diverse and growing, which attracts new residents and supports the demand for housing. Overall, the bank predicts a slow recovery in housing prices in 2024. Over the past decade, Florida's real estate has risen 282.35 percent, which equates to an annual home appreciation rate of 6.14 percent, according to the data collected by NeighborhoodScout. [CDATA[// >