ATTOM’s newly released Q1 2023 Opportunity Zones Report found that median single-family home and condo prices stayed the same or decreased from Q4 2022 to Q1 2023 in 52 percent of qualified zones, and fell at least 3 percent in almost half.
The report noted that at the same time, prices increased by at least that much in about 40 percent of those markets. The report also noted those declines closely paralleled drops in neighborhoods outside the zones, as prices fell across the broader U.S. housing market during the second half of 2022, following a decade of almost continuous growth.
ATTOM’s latest opportunity zones report mentioned that as in the past, typical home values in qualified zones continued to fall well below those in most other neighborhoods around the nation in Q1 2023. The report also mentioned that median first-quarter prices were less the U.S. median of $321,135 in 79 percent of zones analyzed, about the same portion as in earlier periods over the past year. As well, median prices remained less than $200,000 in 55 percent of those zones analyzed in Q1 2023.
According to the Q1 2023 report, among states that had at least 25 qualified zones, the largest portions where median prices declined or stayed the same quarterly were in Arizona (median prices down from the fourth quarter of 2022 to the first quarter of 2023 in 61 percent of zones), Oregon (60 percent), Maryland (60 percent), Massachusetts (59 percent) and South Carolina (58 percent).
Also according to the report, states where at least half the zones still saw quarterly increases in Q1 2023 included Wisconsin (median prices up, quarter over quarter, in 57 percent of zones), Florida (56 percent), Kentucky (56 percent), Utah (56 percent) and Georgia (54 percent).
ATTOM’s Q1 2023 opportunity zones report also found that states where median home values remained up annually in a majority of the qualified zones included Wisconsin (median prices up year over year in 71 percent of zones), Florida (67 percent), Missouri (67 percent) and Indiana (67 percent).
In this post, we dig deep into the data behind our latest Q1 2023 opportunity zones report to uncover the top 10 qualified zones with home prices below the national median, that saw prices nearly double annually in Q1 2023. Those zones included: 18035000600 in Delaware, IN (from $21,798 in Q1 2022 to $43,440 in Q1 2203); 24011955600 in Caroline County, MD (from $86,000 in Q1 2022 to $170,000 in Q1 2023); 39113000500 in Montgomery County, OH (from $60,000 in Q1 2022 to $117,831 in Q1 2023); 01073001400 in Jefferson County, AL (from $26,500 in Q1 2022 to $52,000 in Q1 2023); 40143003400 in Tulsa County, OK (from $117,500 in Q1 2022 to $230,000 in Q1 2023); 42121200500 in Venango County, PA (from $49,058 in Q1 2022 to $96,000 in Q1 2023); 42097081500 in Northumberland County, PA (from $18,500 in Q1 2022 to $36,000 in Q1 2023); 17031671800 in Cook County, IL (from $70,500 in Q1 2022 to $137,000 in Q1 2023); 13215001400 in Muscogee County, GA (from $55,500 in Q1 2022 to $107,500 in Q1 2023); and 39141956300 in Ross County, OH (from $91,000 in Q1 2022 to $175,194 in Q1 2023).
ATTOM’s opportunity zones report analyzes qualified low-income areas targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. In this report, ATTOM looked at 3,587 zones around the U.S with sufficient data to analyze, meaning they had at least five home sales in Q1 2023.
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