The demand for luxury single-family homes in Martin County spiked in August, according to the Miami Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. More people and businesses continue to move to South Florida as record-low mortgage rates fuel transactions.

Martin County’s single-family luxury deals ($1 million or more) rose 36.4% year-over-year to 30 sales in August 2021.

“Home buyers love Stuart and Martin County’s small-town atmosphere and proximity to the ocean,” said Bill Mate, president of JTHS-MIAMI, in a press release.

Meanwhile, the supply for all luxury property types continues to decline, in both month-to-month and year-by-year comparisons.

According to the release, the robust market for luxury single-family properties results from a variety of factors: low interest rates, a strong S&P 500, the appeal of stable assets in a volatile economy, homebuyers leaving tax-burdened northeastern states to buy in Florida and work-from-home and remote-learning policies.