ATTOM’s just released Q1 2022 Opportunity Zones Report, analyzing qualified low-income opportunity zones targeted by Congress for economic redevelopment, found that median single-family home and condo prices rose from Q4 2021 to Q1 2022 in 55 percent of qualified zones, and jumped by at least 20 percent annually in half.
The latest opportunity zones analysis conducted by ATTOM looked at 5,092 zones nationwide with sufficient data, meaning they had at least five home sales in Q1 2022. The analysis reported the first-quarter gains followed similar patterns over the past year, as home prices in distressed neighborhoods around the nation continue to keep up with gains amid the broader national housing market.
ATTOM’s new opportunity zones report noted that while the pace of increases slowed in Q1 2022 compared to peak periods last year, median values still went up in about half the opportunity zones by more than the 16.6 percent year-over-year gain seen nationwide.
The Q1 2022 opportunity zones report also noted that typical home values in opportunity zones remain lower than those in most other neighborhoods around the nation in Q1 2022, with median prices less than the national median of $320,500 in 76 percent of zones analyzed – about the same portion as in earlier periods last year.
Also according to the report, among states that had at least 25 opportunity zones with enough data to analyze in Q1 2022, those with the largest portion of zones where median prices rose year over year were in the West; led by Utah (median prices up, year over year, in 97 percent of zones), Arizona (97 percent), Nevada (93 percent), Oregon (88 percent) and Florida (87 percent).
The report noted that of all 5,092 zones in the report, 35 percent still had median prices in Q1 2022 that were less than $150,000 and another 15 percent had medians ranging from $150,000 to $199,999. The report also noted that median values in Q1 2022 ranged from $200,000 to $299,999 in 21 percent of zones, while they topped the national median of $320,500 in 24 percent.
In this post, we dig into the data to uncover the top 10 opportunity zones among those with median home prices that topped the national median of $320,500, with the greatest quarterly increases. Those zones include: 53031950702 in Jefferson County, WA (182.6 percent); 06071006204 in San Bernardino County in CA (149.9 percent); 45039960500 in Fairfield County, SC (103.1 percent); 37141920601 in Pender County, NC (100 percent); 22071013400 in Orleans County, LA (96.9 percent); 08059010100 in Jefferson County, CO (95.9 percent); 06065042404 in Riverside County, CA (90.8 percent); 37179020601 in Union County, NC (89.5 percent); 37021000200 – Buncombe County, in NC (88.4 percent); and 17031836000 in Cook County, IL (87.3 percent).
ATTOM’s Q1 2022 opportunity zones report looks at those zones defined in the Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people.
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