Median home prices were up year-over-year in 66 percent of Opportunity Zones across the country, according to new statistics
from ATTOM Data Solutions.
The new data analysis studied approximately 3,700 zones with sufficient sales data to analyze–in this case, they had at least five home sales in each quarter from 2005 through the fourth quarter of 2019. For the other 34 percent of zones, median home prices either declined or stayed the same from one year earlier.
ATTOM Data Solutions also found that 78 percent of the zones had median home prices in the fourth quarter that were less than the national median of $257,000, which was almost the same percentage as in the third quarter, and nearly 48 percent of the zones had median prices of less than $150,000. In 20 states, year-over-year median price increases in at least half the Opportunity Zones was greater than the national 9.4 percent figure.
“Home prices in thousands of Opportunity Zone neighborhoods targeted for revival across the United States continued to ride the tide of the national housing market boom in the fourth quarter of 2019, marching along with broad trends and even doing better in many areas,” said Todd Teta, chief product officer with ATTOM Data Solutions. “These areas are among the most vulnerable to economic downturns. As a result, the recent upswing could change on a dime if the broader housing market flattens out or sags. But for now, the price gains are a crucial measure that neighborhoods designated as Opportunity Zone tax breaks hold significant allure for potential residents.”