Elevated interest rates, rising premiums, and weather worries have yanked the reins on Florida’s housing market — but this local enclave is still headed north.
Ponte Vedra Beach had an average August home price of $865,100 according to the Zillow Home Value Index — up from $843,100 in the same month last year. That’s an increase of 2.6 %.
Overall, St. Johns County home prices dropped from $520,000 last August to $517,500 during the same month this year, a dip of 0.6%.
Ponte Vedra Beach was one of only two local areas to see values rise in August — the other being Hastings.
The “Potato Capital of the Florida” — which will soon see a revitalization of its quaint downtown — had an average price of $274,000 in August, up from $271,000 last year.
The figures show that St. Augustine and Nocatee both pulled back, albeit slightly.
The average home value in the 32081 area code was $691,200 in August, down from $692,100 last year.
In St Augustine, the average home value stood at $364,000 in August, down a shade from $370,300 during the same month in 2023.
Concerns about Florida’s real estate market have begun to saturate news tickers, with analysts citing rising insurance premiums, flood fears, record-high prices and a contraction in remote work.
With the decidedly bearish headline “The Great Florida Migration is Coming Undone,” the Wall Street Journal quoted several experts who predicted an acute downturn in a story published this week.
A separate piece on Realtor.com highlighted Jacksonville as a COVID-19 boomtown that is starting to see listings languish.
The River City’s median September home price was down 6.1 percent compared to last year, according to the site.
Four of the ten cities with the highest year-over-year price drops were in Florida — with Miami topping the list after a 12% median home price pullback in September.
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