Median single-family home and condo prices increased +20% y/y in 55% of qualified opportunity zones.
Home Prices in Opportunity Zones Keep Pace with National Housing Market
ATTOM’s newly released Q1 2022 Opportunity Zones Report indicates that home prices in distressed neighborhoods are keeping up with gains in the broader housing market nationwide.
Though the pace of home price appreciation in distressed neighborhoods slowed in Q1 2022, median values in about 50% of Opportunity Zones gained more than the +16.6% y/y.
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Opportunity Zones in West Saw Median Home Prices Increase the Most
ATTOM’s Q1 2022 Opportunity Zone Report pointed to the top states in which the largest portion of opportunity zones saw median home prices increase the most year-over-year. These states included:
- Utah – price increases in97% of zones
- Arizona – 97% of zones
- Nevada – 93% of zones
- Oregon 88% of zones
- Florida – 87% of zones
Top Ten Opportunity Zones with Greatest Quarterly Increases
The opportunity zones that experienced the largest quarterly increases in Q1 2022 included:
- 53031950702 – Jefferson County WA – +182.6%
- 06071006204 – San Bernardino County CA – +149.9%
- 45039960500 – Fairfield County SC – +103.1%
- 37141920601 – Pender County NC – +100%
- 22071013499 – Orleans County LA – +96.9%
- 08059010100 – Jefferson County CO – +95.9%
- 06065042404 – Riverside County CA – +90.8%
- 37179020601 – Union County NC – +89/5%
- 37021000200 – Buncombe County NS – +88.4%
- 17031836000 – Cook County IL – +87.3%
Price Trends in Opportunity Zones Mirror Trends in Broader Markets
ATTOM determined that home prices in distressed neighborhoods around the country continued to keep up with gains made in the national housing market. Median values rose in about 50% of Opportunity Zones by more than the +16.6% y/y gains seen nationwide.
“Home price trends in Opportunity Zones mirror what we’re seeing elsewhere in the housing market,” said Rick Sharga, executive vice president of market intelligence with ATTOM. “Strong price growth has helped homeowners in these economically-challenged areas benefit from higher equity and should contribute to the ongoing redevelopment of these areas.”
Sharga added, “With so little entry level inventory on the market, homes in Opportunity Zones represent some of the few remaining affordable options for prospective homebuyers. This is especially important for first-time buyers, who typically have to stretch their finances in order to be able to afford a home.”
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Thanks to ATTOM.