What? Florida Buyers Purchased Largest Out-Of-State Share Of NYC Luxury Properties In 2024

Florida Buyers Purchased The Largest Share Of NYC Sales At Or Above $3 Million
Florida Buyers Had The Third-Largest Share Of Out-Of-State NYC Buyers
While NYC Buyers From New Jersey Topped All States, Their Share Collapsed

Property Shark, the nationwide real estate data provider, answers all our housing migration questions for New York City. In 2024, Florida residents represented 12.04% of all inbound out-of-state NYC buyers, the third highest state after California, which had 13.41% of all inbound out-of-state buyers. New Jersey had the most with 19% of all inbound out-of-state buyers, a collapse from 27.6% a decade ago. The NYC to Florida narrative suggests everyone is loading up their truck and moving. Migration to Florida is not a little thing, but the narrative appears to be exaggerated. Florida luxury buyers (above $3 million) of NYC real estate accounted for more than half of all sales.

Property Shark, the data compilation company, just released a fascinating study: Buying NYC Then & Now: Tracking Out-of-State & Local Buyers in 2024 vs. 2014. They give us the transaction volumes that the poor quality pandemic-era census data can’t.

Methodology: “We extracted all sales of single- and two-family homes, condos and co-ops with a sale price of at least $100,000 registered between January 1, 2023 and June 30, 2023, and January 1, 2024 and June 30, 2024.”

Out-Of-State Buyers Of NYC Real Estate

In-State Buyers Of NYC Real Estate

More than half of NYC sales above the $3 million threshold (luxury) were purchased by Manhattan residents, while Florida buyers purchased the largest out-of-state share of luxury properties. Nassau County buyers were the largest source of in-state buyers. There’s a lot more stuff to explore in their study.

And with all that migration, a lot of furniture gets moved around. When we downsized two years ago to a house half the size after we became empty-nesters, our four sons wanted none of our stuff. Things sure have changed by generation.