According to ATTOM’s newly released Q2 2024 Opportunity Zones Report, median prices for single-family homes and condos increased in 61 percent of Opportunity Zones across the country from the first quarter to the second quarter of 2024, based on zones with enough date to measure. On an annual basis, prices rose in 62 percent of the zones analyzed.
ATTOM’s latest opportunity zones report noted that these trends, observed in and around low-income neighborhoods where federal tax incentives are provided to stimulate economic revival, have continued a long-term pattern of home values in Opportunity Zones mirroring broader national shifts over the past three years. This pattern has persisted regardless of whether home prices have surged, grown modestly, or slightly declined.
The ATTOM analysis found that amid economic limitations, the typical home values in most Opportunity Zones remained significantly lower than those in other markets across the country in the second quarter of 2024. In 80 percent of these zones, median prices were below the U.S. median of $365,000, consistent with trends observed over the past three years. Additionally, nearly half of the zones had median prices under $200,000.
The report stated that out of the 3,904 zones analyzed in the report, 1,148 (29 percent) had median home prices below $150,000 in the second quarter of 2024. This is a decrease from 34 percent of zones with sufficient data a year earlier and nearly 60 percent five years ago. An additional 647 zones (17 percent) had median prices ranging from $150,000 to $199,999 in the second quarter of this year.
ATTOM’s most recent opportunity zones analysis also found that in the second quarter of 2024, median home values in 23 percent of Opportunity Zones ranged from $200,000 to $299,999, while only 20 percent of the zones had median values exceeding the national median of $365,000.
In this post, we dig deep into the data behind our latest opportunity zones report to uncover the top 10 opportunity zones where median home price nearly double from the first quarter to the second quarter of 2024.
Those zones include: Opportunity Zone #01073000800 in Jefferson County, AL (up from $30,000 Median Sales Price in first quarter 2024 to $59,985 Median Sales Price in second quarter 2024); Opportunity Zone #12105011202 in Polk County, FL (up from $94,000 to $187,450); Opportunity Zone #53033008600 in King County, WA (up from $326,000 to $650,000); Opportunity Zone #47069950300 in Hardeman County, TN (up from $80,000 to $159,500); Opportunity Zone #12101030102 in Pasco County, FL (up from $225,000 to 447,500); Opportunity Zone #47159975300 in Smith County, TN (up from $210,000 to $415,000); Opportunity Zone #18097390700 in Marion County, IN (up from $99,000 to $195,000 ); Opportunity Zone #18089012300 in Lake County, IN (up from $42,233 to $83,125); Opportunity Zone #01101002100 in Montgomery County, AL (up from $50,898 to $100,000); and Opportunity Zone #39099810800 in Mahoning County, OH (up from $78,500 to $153,679).
Watch: ATTOM Top Ten Opportunity Zones Where Median Home Price Nearly Doubled Quarterly
Want to learn more about opportunity zones in your market? Contact us to find out how!
