ATTOM found that median residential prices in 56% of Opportunity Zones increased and spiked at least 20% y/y in nearly 50% of Opportunity Zones during Q4 2021.
Buying Glut Spread to Every Part of Country in Q4 2021
Lower-income communities inside Opportunity Zones around the country continued to experience the decade-long price boom that has spread to all communities in the US. According to ATTOM, houses and condos in Opportunity Zones are seeing price upticks for the same reasons as other communities…low mortgage rates and the desire of households to switch from apartment buildings in congested areas to relatively safe and larger spaces for work-at-home lifestyles.
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Todd Teta, ATTOM’s chief product officer, said, “Neighborhoods in and around some of the poorest areas of the US kept riding the national housing market boom in the fourth quarter of last year, much as they did throughout 2021…gains in Opportunity Zones again pretty much matched what was going on elsewhere and even beat out the rest of the market in some ways.”
Home Price Data in Opportunity Zones
Median prices of single-family houses and condos increased in 56% of Opportunity Zones from Q3 to Q4 2021.
On a year over year basis, median home prices jumped at least 20% in 46% of Opportunity Zones while home prices in just 41% of census tracts outside of Zones saw price jumps of +20%. 52% of homes/condos in zones saw larger home price appreciation than the national bump of 1.4%.
Median home values during Q4 2021 ranged from $200,000 to $299,999 in 23% of Opportunity Zones and 24% of homes/condos in zones topped the national median of $315,648.
States Where Median Prices in Opportunity Zones Rose Most in Q4 2021
- Idaho – median prices up y/y in 96% of zones
- Nevada – 95%
- Utah – 92%
- Oregon – 91%
- Washington 91%
Opportunity Zones with Greatest Annual Median Home Price Increases in Q4 2021
According to ATTOM’s Q4 2021 Opportunity Zones report, these are the ten zones that experienced the greatest year/year median home price increases:
- 32019960201 in Lyon County NV – +270.6% y/y
- 16049960400 in Idaho County ID – +157.1% y/y
- 32003002506 in Clark County NV – +146.8% y/y
- 53033028403 in King County WA – +145.9% y/y
- 53053072000 in Pierce County WA – +125.5% y/y
- 320030000301 in Clark County NV – +117.7%
- 320030000403 in Clark County NV – +116.8%
- 16009950100 in Benewah County ID – +107.1%
- 32003005438 in Clark County NV – +102.1%
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Thanks to ATTOM.
