NOCATEE, PONTE VEDRA, AND NORTHERN FLORIDA REAL ESTATE OUTLOOK
Northern Florida will see double digit growth in appreciation of home values continue during 2023. Simply put, Florida is a great place to live and is a great place to investment in real estate. Migration to the state will continue in 2023 and for the foreseeable future but not at the recent pandemic era rates.
Ponte Vedra is comprised of varying housing sub-markets; world class golf communities, luxury beach communities, 55+ active lifestyle/retirement communities, family centric neighborhoods with a few new homes priced over $1 million, as well as the addition of relatively new rental complexes. Ponte Vedra is located in St Johns county, the home of the state’s top ranked school system. Highly rated public high schools Ponte Vedra High School and Allen B. Nease High School routinely place graduates into the nation’s top academic powerhouses including military academies and Ivy League institutions.
Nocatee, a planned community located in Ponte Vedra and, for the most part, in St Johns County, is developed by the PARC Group, the real estate development firm founded by the Davis family/Winn Dixie heirs in 1989 that has developed many Northern Florida neighborhoods with an eye towards conservation, lifestyle, and value. Nocatee, https://www.nocatee.com, has seen some home values double over the last 5 years. Homes in the 32018 zipcode appreciated by 40% in 2022.
In Nocatee, Ponte Vedra, and the higher end markets of St Johns County have experienced prices holding in the face of increased mortgage rates.
Mortgage interest rates have risen substantially compared to 2022 and is reflected in the lengthening Days on Market metric across all Northern Florida real estate markets.
According to Rocket Mortgage the greater Ponte Vedra market is neutral when compared to last year https://www.rockethomes.com/real-estate-trends/fl/ponte-vedra-beach. Their conclusion is that 2023 is neither a buyer’s or seller’s market.
Our conclusion, Northern Florida is a market where doing your homework matters.