Florida’s Million-Dollar Earner Population Grows Despite National Decline
Florida continues to attract high-income earners, experiencing an 8% increase in million-dollar earners from 2021 to 2022, bringing the total to 77,670, according to the IRS. In contrast, the number of million-dollar earners nationwide declined by 2% during the same period. This trend highlights Florida’s appeal as a destination for the wealthy, fueling growth in the luxury real estate market, particularly in areas like Windermere and Winter Park. However, developers remain cautious, as the timing of peak demand for high-end properties remains uncertain. Many affluent buyers are prioritizing homes with convenient access to major employers, seeking a balance between luxury living and workplace proximity. As Florida’s economy continues to attract high-net-worth individuals, the demand for upscale housing is expected to remain strong.
Housing Market Trends: Rising Inventory Meets Stabilizing Prices Amid Slow Sales
As of 2025, the percentage of U.S. single-family properties with recent price reductions has risen to 33.7%, marking an increase from 31% in both 2023 and 2024. This upward trend suggests that home price adjustments have become more frequent, likely influenced by a combination of shifting economic conditions, fluctuating interest rates, and changing buyer demand. Increased housing inventory may also be a contributing factor, as more available properties give buyers greater negotiating power, prompting sellers to adjust their pricing strategies.
The trend aligns with broader real estate patterns, where sellers are increasingly pricing homes competitively to attract buyers in a market that may be experiencing slower sales velocity or affordability challenges. As price reductions become more common, this dynamic presents both challenges and opportunities: buyers may find better deals, while sellers and real estate professionals must carefully assess pricing strategies to remain competitive. Understanding these trends is crucial for navigating the evolving housing market, whether making investment decisions, preparing to sell, or searching for the right property.
Broker Note from Barbara
There are more people enslaved today than ever before in history in the Human Trafficking trade & unfortunately, this 3rd largest illicit industry is still growing. Over the previous 5+ years, I've been learning more about it and have done multiple one or multi-day hikes to raise awareness & funding to support those fighting against it. Unlike the drug trade where drugs can only be used once, humans can be traded multiple times per day. Only 1-2% of all trafficked victims escape, so we hike for the other 98%.
To celebrate turning 60 in 2025, I wanted a challenge, so I will hike with a group that are doing a 24 mile, single day Rim to Rim (R2) Grand Canyon hike in June. This isn't about me or what I may or may not be able to accomplish. It's to point the spotlight of those trapped in this awful trade. There is hope!
Join the Seaside Stride Beach Trek
Our Team will be one of the main sponsors of the 2nd Annual Seaside Stride beach trek, part of the Get Outdoors for Freedom Spring & Summer Series. It will take place on April 5, 2025, starting at Fish Lips Waterfront Grill. This non-competitive community event offers a 10-mile or 20-mile trek along the beach, aiming to raise awareness and support for ending sexual exploitation. The 20-mile trek starts at 5:00 AM, while the 10-mile trek begins at 8:00 AM, both following an out-and-back route with scenic options to transition to sidewalks. Participants are encouraged to train in advance, share their progress, and consider fundraising to support the cause. Registration includes a post-trek celebration with a complimentary drink, light breakfast snacks, an event t-shirt, and a swag bag. Proceeds benefit efforts to prevent, identify, and rehabilitate survivors of sexual exploitation. Click here for more information.