Amidst a dynamic real estate landscape, Engel & Völkers Florida unveils its highly anticipated '2023 Year-End Luxury Real Estate Market Report,' offering a comprehensive glimpse into the state's resilient growth and unprecedented wealth migration trends. As a testament to Florida's robust economic growth, the state gained a staggering $107,520,000 in adjusted gross income daily, contributing to an impressive $38 billion in annual net gains from migration.

"The state's real estate story of 2023, characterized by a high-interest rate environment, low inventory, and motivated affluent buyers, positions Florida's luxury market for sustained growth," said Peter Giese, CEO of Engel & Völkers Florida. "In the backdrop of a challenging real estate landscape, Florida emerged as a beacon of resilience. While the rest of the United States experienced a 20% decline in total real estate transactions, Florida stood strong with a modest 12% decrease, thanks to the continuous influx of wealth migration."

The real estate narrative of 2023 unfolded against a backdrop of a high-interest-rate environment and sellers holding onto their properties due to locked-in low-rate mortgages. This scarcity of inventory drove property prices upward, resulting in 36% of properties being sold for cash, marking the second-best year on record. This trend is anticipated to persist in 2024 as the state continues to attract affluent newcomers.

These enduring trends signal a robust growth trajectory for the luxury real estate market in the years ahead. Properties priced at $1 million and above were the only segment to witness an increase in total listings, showcasing the best year-over-year performance in the entire state. Demand for these luxury properties remains exceptionally high, with the median time on the market reduced to just 43 days in 2023, a significant improvement from 2019's 130 days.

Engel & Völkers in Florida experienced record expansion in 2023, adding 12 new markets to its portfolio, bringing the total number of locations to 53 across the state. These locations serve a diverse range of areas, including metropolitan hubs, beachfront and college towns, retirement communities, golf resorts, and burgeoning equestrian and emerging markets. At Engel & Völkers, luxury is not just a price point but a commitment to delivering an unparalleled level of service to all our clients. Our franchise owners and real estate advisors eagerly anticipate the opportunity to meet and exceed all your real estate needs in Florida's thriving market.

View the Engel & Völkers Florida 2023 Year-End Florida Luxury Real Estate Market Report here:
https://issuu.com/evfloridapr/docs/year-end_2023_florida_luxury_real_estate_market_re

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Press contact:
Kaitlin Weigelt, Marketing and Brand Manager
Email: Kaitlin.Weigelt(at)evrealestate.com
Tel: (239) 348-9000

About Engel & Völkers:

Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process. Engel & Völkers currently operates approximately 300 shop locations with over 6,500 real estate advisors in the Americas, contributing to the brand’s global network of over 16,600 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.

About Engel & Völkers Florida:

Engel & Völkers Florida is the Master License Partner of the global luxury real estate brand Engel & Völkers in the state of Florida. Recognized for uniquely recruiting, training, and equipping some of the top professionals in the real estate industry, Engel & Völkers Florida’s exclusive business model positions its franchisees at the top of the premium market to gain market share and support their bottom line. The company represents franchise locations in 53 markets: 30A Beaches, Amelia Island, Belleair, Boca Raton, Bonita-Estero, Cape Coral, Clermont, Coconut Grove, Delray Beach, Destin, Fort Lauderdale, Fort Myers Downtown, Gainesville, Hutchinson Island, Islamorada, Jacksonville, Jacksonville Beach, Jupiter, Lakewood Ranch, Madeira Beach, Marathon, Marco Island, Melbourne Beachside, Melbourne Downtown, Miami, Neptune Beach, New Smyrna Beach, Ocala, Olde Naples, Orlando Dr. Philips, Palm Coast, Pensacola, Pompano Beach, Ponte Vedra Beach, Punta Gorda, San Marco, Sarasota, South Beach, South Fort Myers, South Tampa, St. Augustine, St. Augustine Beach, St. Pete, St. Pete Beach, Stuart, Tallahassee, Tampa Downtown, Trinity, Venice Downtown, Vero Beach, and Wellington.

Engel & Völkers Florida is continuing to strategically strengthen and expand its presence in premium real estate markets across the state of Florida. If you would like to know more about the Engel & Völkers brand or how to join its global network—which is known for demonstrating competence, exclusivity, and passion, feel free to call our corporate office, located at 633 Tamiami Trl N, Suite 201, Naples, FL 34102 USA. Tel: +1 239-348-9000. For more information about Engel & Völkers Florida, please visit http://www.florida.evrealestate.com