Key Highlights
- Median home prices increased in 74% of qualified opportunity zones from Q3 2019 to Q3 2020, according to ATTOM Data Solutions
- Top 10 Opportunity Zones saw home prices nearly double from Q3 2019 to Q3 2020
- Sales price growth in 76% of Opportunity Zones less than national median price of $283,813
ATTOM Data Solution recently released its latest Q3 2020 Opportunity Zones Report that indicated median home prices in 74% of qualified opportunity zones increased from Q3 2019 to Q3 2020 with roughly 50% of them showing a median home price increase of more than +10%.
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Todd Teta, ATTOM’s Chief Product Officer, said, “Home prices in Opportunity Zones around the country continued rising in Q3 2020, riding the wave of a nationwide boom that has defied the economic damage from the widespread Coronavirus pandemic. The increases point toward signs that some of the country’s most distressed communities have great potential for revival.”
States with the largest percentage of opportunity zones having annual median home price increases included Washington (median prices up +88%), Arizona (median prices up +86%), Ohio (median prices up +83%) and Rhode Island (median prices up +82%).
The top 10 Opportunity Zones that nearly double their home sales price from Q3 2019 to Q3 2020 included:
- 06019000300 – Fresno County CA – +96.7%
- 45007000800 – Anderson County SC – +95.7%
- 45019004000 – Charleston County SC – +95.4%
- 40143001200 – Tulsa County OK – +95.0%
- 37157040200 – Rockingham County NC – +95%
- 06061021603 – Placer County CA – +94.9%
- 06071001504 – San Bernardino County CA – +94.8%
- 42101009200 – Philadelphia County PA – +93.7%
- 36029004001 – Erie County NY – +92.6%
- 06043000101 – Mariposa County CA – +92%
The Midwest region of the country had the highest portion or 58% of Opportunity Zone tracts with median home prices of less than $150,000. The South had 48% of its Opportunity Zone tracts with median home prices at less than $150,000. The Northeast region of the country had 41% of its Opportunity Zone tracts with median home prices of less than $150,00 and the West had 8% of its O-Z tracts with median home prices of less than $`50,000.
ATTOM’s Q3 2020 Opportunity Zone report indicated that…
- 36% had a median price of less than $`150,000
- 18% had median prices from $150,000 to $199,000
- 22% had median prices from $200,000 to the national median price of $284,813
- 24% had median sale prices that exceeded the national median price.
Thanks to ATTOM Data Solutions.
Also read: Redfin’s Housing Market Update through Mid-November, Home Sellers Realized +36.3% ROI in Q2 2020, Home Affordability Increasing for Workers
