The average price for homes near Miami rose 29% last year, reports the New York Times. Silicon Valley elites and hedge fund millionaires are flocking to Miami, which is already causing real estate prices to soar. A new report by Nellie Bowles of the New York Times examines the influx of business executives to South Florida amid the pandemic. What may have started as a temporary stay has turned into a permanent transfer and property prices have skyrocketed. In late 2020, the median sales price of a Palm Beach home rose to $ 4.9 million, a 29% year-over-year increase, real estate company Douglas Elliman told the Times. For comparison: prices in Manhattan rose by only about 5% over the same period. In fact, there have been some high-profile multi-million dollar home sales in the past few months alone. In September, tech billionaire Peter Thiel bought an $ 18 million resort in Miami on an artificial island. Featured in MTV’s “The Real World” in the 1996 season, the waterfront property spans over 10,000 square feet and features two outdoor pools and a private dock.