According to ATTOM’s newly released Q3 2024 Opportunity Zones Report, median single-family home and condo prices rose between the second and third quarters of 2024 in 53 percent of Opportunity Zones nationwide with sufficient data. Annually, prices increased in 61 percent of those zones.
WATCH: ATTOM # FiguresFriday Top 10 Opportunity Zones Increasing in Home Values in Q3 2024
ATTOM’s latest opportunity zones report noted these trends in and around low-income neighborhoods, where federal tax breaks aim to encourage economic growth, continue a three-year pattern of home values in Opportunity Zones aligning with national price movements. This pattern has persisted through periods of market surge, modest growth, and decline.
Also according to the third-quarter opportunity zones report, amid the nation’s prolonged housing market boom, median prices rose over 10 percent year-over-year in nearly half of the analyzed Opportunity Zones.
The ATTOM analysis found that despite overall gains in Opportunity Zone markets, third-quarter trends remained mixed, with typical values rising more in higher-priced zones and less in the lowest-priced neighborhoods. This ongoing trend suggests that the very bottom of the U.S. housing market is seeing fewer benefits from the 13-year run of national price increases, leaving it potentially more vulnerable if growth slows or reverses.
The report stated that amid economic challenges, most Opportunity Zones continued to show typical home values well below the national average in the third quarter of 2024. Median prices in roughly 80 percent of these zones remained under the U.S. median of $360,500, a pattern consistent with the past three years. Additionally, nearly half of the zones had median prices below $200,000.
ATTOM’s latest opportunity zones analysis also found that median prices of single-family homes and condos increased from the second to the third quarter of 2024 in 1,803 (53 percent) of the Opportunity Zones across the U.S. with sufficient data, while remaining flat or decreasing in 47 percent. Annually, median prices rose from the third quarter of 2023 to the same period in 2024 in 2,091 (61 percent) of those zones.
The Q3 Opportunity Zones report state that among states with at least 25 Opportunity Zones and sufficient data for analysis in the third quarter of 2024, the largest share of zones with annual median price increases were in Nevada (81 percent), Wisconsin (75 percent), Indiana (72 percent), Ohio (69 percent), and Utah (69 percent). States with the smallest share of zones seeing annual price increases included Kentucky (46 percent), Louisiana (47 percent), Colorado (47 percent), Arizona (48 percent), and Oklahoma (52 percent).
In this post, we dig deep into the data behind our latest opportunity zones report to uncover the top 10 Opportunity Zones, among those zones with median prices above the national median of $360,500, where those median home price increases from Q2 to Q3 2024 nearly doubled. Those zones include: 48091310608 – Comal, TX (up 98.8 percent); 18141001000 – St. Joseph, IN (up 97 percent); 12083002602 – Marion, FL (up 93.1 percent); 37135011400 – Orange, NC (up 92.6 percent); 47093000800 – Knox, TN (up 88.2 percent); 24031701703 – Montgomery, MD (up 80.7 percent); 06107001400 – Tulare, CA (up 80 percent); 48201212300 – Harris, TX (up 79.4 percent); 18097353300 – Marion, IN (78.3 percent); and 06071006204 – San Bernadino, CA (77.8 percent).
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