The pandemic accelerated and amplified migration patterns, allocating housing demand to new markets. Florida is a prime example. While Florida had already seen population growth from people moving from major metropolitans to the north, new demand is flourishing in Tampa, Orlando and Jacksonville.

"There has always been a migration of Northeasterners to South Florida, but the pandemic has changed the migration pattern to include other Florida cities such as Tampa, Orlando, and Jacksonville," Noah Breakstone, CEO at BTI Partners, tells GlobeSt.com.

Breakstone expects demand to continue to find new markets as companies allow workers the flexibility to work remotely. "Currently, most homeowners pay more than 30% of their household income in housing to be in reasonable proximity to work. As we come out of the pandemic, we are seeing employers implementing hybrid models that would allow employees to live in more affordable areas and commute into the office only a couple of days a week," he adds.