Nearly two-thirds of qualified opportunity zones in the US experienced a home-price surge in the first quarter of 2020.
A new report from ATTOM Data Solutions analyzed 3,010 qualified opportunity zones and found that 64% experienced increases in median home prices in the first quarter of 2020 – with prices in 45% even beating the national increase average of 11.3%.
The report also showed that 1,384 zones (46%) had a median price in the first quarter of 2020 that was less than $150,000, while 502 (17%) had medians ranging from $150,000 to $199,999. Another 467 (16%) ranged from $200,000 up to the national median price of $265,900, while 657 (22%) were more than $265,900.
“Home prices in designated opportunity zones around the country keep showing strong gains, tracking the housing market boom now in its ninth year,” said Todd Teta, chief product officer at ATTOM Data Solutions. “Nearly half did even better in the first quarter of 2020 than the nation as a whole – a notable trend in some of the country's most distressed neighborhoods. As with other recent ATTOM reports, this one needs to be taken in the context of the looming impact of the coronavirus pandemic, which could cut the legs out from under the housing market. For now, though, home prices are going strong in opportunity zones, which offers significant hope to current and potential homeowners and investors.”