I live in Florida, near St. Augustine. Real Estate is going crazy here. The building is insane and resells go within a day or two, sometimes over ask.
Our house was the highest priced house in the neighborhood 4 years ago.
Now houses are going for nearly $200,000 over what we paid. Lots are going for nearly twice what they cost pre Covid.
Most of the people moving here are from NY and NJ so surprised to hear real estate is so high in NJ.
Most of these people aren't moving out of NJ, just taking the windfall they've made in pandemia, adding it to their cash reserves that lose buying power by the day just sitting, and adding homes.
Anyone who can afford to do so has a house in FL and a house in Not Florida, as so many who part time in the Outer Banks do already.
Yes some are second homes that they are buying in FL but some are permanent as well. More from NY than from NJ but still a lot of both.
Our new neighbors bought this home as a second home to be near their kids/grandkids, but he speaks ALL THE TIME about the price of his new house compared to their place in NY, the dramatically different tax rates, etc. Their long term vision was to eventually move here full time, but they seem to be closing in on the full-time move sooner than later. Here in the NC Triangle area folks have been fleeing from NJ and elsewhere up north for a very long time. Good jobs, schools, housing, and crazy property tax rates up north come up from every transplant that I know. Home prices have been increasing here just as with everywhere else, but I suspect there's still much better deals to be had on similar homes compared to up north.