
ATTOM: Opportunity Zone Housing Markets Consistent With Nationwide Price Trends

(Image courtesy of Beate Vogl via pexels.com)
ATTOM, Irvine, Calif., released its third-quarter 2024 report analyzing low-income Opportunity Zones, finding that from Q2 to Q3 median single-family home and condo prices increased in 53% of the zones it analyzed.
Annually, prices were up in 61% of the zones, and up by more than 10% in nearly half of the zones.
“Another quarter, another sign of rising fortunes. That again is the takeaway from home-price data inside neighborhoods with some of the most pressing needs around the country, marking just the latest indication of their soaring economic potential,” said Rob Barber, CEO for ATTOM. “We keep seeing this over and over as values push house hunters without a ton of resources out of pricier locations to more-affordable markets.”
Opportunity Zones were targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. ATTOM looked at 3,857 of the zones around the U.S. that had enough data to analyze.
Generally, patterns related to Opportunity Zone neighborhoods have run parallel to nationwide shifts in recent years, in some cases even outpacing the U.S. market as a whole. Median prices inside the zones grew by at least 10% annually more often than elsewhere, ATTOM noted.
However, typical home values in most Opportunity Zones remain below national averages. Median third-quarter prices in about 80% of the zones were less than the U.S. median of $360,500–a fairly consistent finding over the past three years.
Moreover, median prices are under $200,000 in nearly half of the zones.