Nearly half of opportunity zones across the US experienced a home-price surge in the third quarter.
Median prices in 48% of the 3,658 opportunity zones topped the national price growth rate of 8.3%, according to a new report from ATTOM Data Solutions.
Around 16% posted median home prices stretching from $200,000 up to the national median of $270,000, while 21% were more than $270,000.
"Despite sitting in some of the nation's poorest areas, Opportunity Zones were hardly immune from a housing boom heading into its ninth year," said Todd Teta, chief product officer of ATTOM Data Solutions. “That's encouraging news for people living in those communities as well as investors looking to take advantage of the Opportunity Zones program."
However, median home prices in 46% of the zones were less than $150,000, and 17% had prices ranging from $150,000 to $199,999.
California had the most opportunity zones. Among the 3,658 zones analyzed, 477 were in the Golden State, 332 were in Florida, 293 were in Texas, 176 were in Pennsylvania, and 170 were in North Carolina.
The Midwest remained the region with the highest share of opportunity zones tracts that have a median home price of less than $150,000, followed by the South with 56%, the Northeast with 47%, and the West lagging with 12%.