Prices for luxury homes in West Palm Beach have skyrocketed over the past decade with the market experiencing faster price growth than anywhere else in the U.S., according to a report from Redfin.

As of October, luxury home sale prices in West Palm Beach jumped 187.3% over the past ten years, hitting a median price of $4.04 million. That’s the fastest growth of any major U.S. metro. Nationally, the price increase averages at 82.5% with a median price of $1.3 million.

In contrast, New York saw the most modest price growth among major metros during the same time frame, only increasing 15.4%.

So, what’s driving this rapid growth? According to experts, it might be the idea of “Wall Street South” or “Silicon Beach.”

“Palm Beach has really grown into what many people call ‘Wall Street South,’” said Redfin luxury expert Elena Fleck. “We’re seeing hedge-fund managers, private-equity partners and family offices set up shop here, and that shift brings a steady stream of high-end buyers looking for luxury properties close to where they now work and network. The national profile of the area — boosted in part by the prominence of Mar-a-Lago and its role as a gathering place for high-profile figures — has also increased the area’s visibility among wealthy buyers considering a relocation.”