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Home Prices in Almost Half of Opportunity Zones See Annual Price Increases

Homes in around half of Opportunity Zones are increasing in value, according to a new…

  • March 18, 2020

Homes in around half of Opportunity Zones are increasing in value, according to a new report from property data provider ATTOM Data Solutions.

ATTOM Data Solutions has released its third special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017.

In this report, ATTOM looked at about 3,700 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the fourth quarter of 2019.

The report found that about half the zones included in the report, where there was sufficient sales data, saw median home prices rise more than the national increase of 9.4 percent from the fourth quarter of 2018 to the fourth quarter of 2019.

The report also shows that 78 percent of the zones had median home prices in the fourth quarter of 2019 that were less than the national median of $257,000 – almost the same percentage as in the third quarter of 2019.

Some 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 beat the national 9.4 percent figure.

Those with the most such zones were Pennsylvania, North Carolina, Arizona, Ohio and New Jersey.

Among the Opportunity Zones with sufficient data to analyze, California had the most, with 465, followed by Florida (332), Texas (234), Pennsylvania (166) and North Carolina (165).

Find out more at www.attomdata.com