After several years of galactic price increases, the Nocatee real estate market is slowly returning to earth.
According to the Zillow Home Price Index, properties in the 32081 area code were valued at $691,600 last month — the first time that figure dropped below $700,000 since October 2021.
That year, home prices stood at $579,000.
Values soared to $710,800 by October 2022 and dipped to $700,600 in October 2023 before this year’s slide.
Nocatee home prices had increased every single year from 2011 to 2022 before ebbing over the past two years.
Between 2011 and the 2022 peak, Nocatee prices increased from $279,000 to $711,000, or 154%
For all of St. Johns County, year over year home values were down from $522,000 to $515,000 last month.
Ponte Vedra Beach continued to buck the area’s modest downward trajectory, with year over year October home values rising from $855,000 to $870,000.
The enclave has seen prices increase every single year since 2011, when homes were valued at just $339,000, according to Zillow.
