ATTOM’s newly released Q4 2022 Opportunity Zones Report found that median single-family home and condo prices decreased from Q3 to Q4 2022 in 56 percent of qualified zones around the country, and went down at least 5 percent in almost half.
The report 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.
According to ATTOM’s latest opportunity zones report, some signs emerged during the fourth quarter, however, revealing that designated zones targeted for redevelopment, were withstanding the national market retreat better than other neighborhoods. The report mentioned this happened just as they outperformed nationwide increases by some measures during the boom period.
The report also noted that larger portions of opportunity zones saw typical values rise by at least 10 percent both quarterly and annually compared to the rest of the nation during the last few months of 2022.
The report found that typical home values in opportunity zones remained well below those in most other neighborhoods around the nation in Q4 2022, as median prices fell beneath the nationwide figure of $321,500 in 79 percent of analyzed zones. According to the report, that was about the same portion as in earlier periods over the past year. Median prices were less than $200,000 in 53 percent of zones analyzed for the Q4 2022 report, also about the same as in earlier periods.
ATTOM’s latest report stated that the Midwest continued to have the largest portion of the lowest-priced Opportunity Zone tracts in Q4 2022, with median home prices fetching for less than $150,000 in 59 percent of zones, followed by the Northeast (41 percent), the South (36 percent) and the West (4 percent).
In this post, we dig deep into the data behind our latest Q4 2022 opportunity zones report to uncover the top 10 qualified zones with the lowest priced tracts. Those zones included: 12011030402 – Broward County, FL (median sale price of $5,000); 42021013400 – Cambria County, PA ($5,000); 21107971100 – Hopkins County, KY ($6,915); 13245001400 – Richmond County, GA ($7,200); 29510109700 – Saint Louis City County, MO ($9,639); 13201950200 – Miller County, GA ($11,500); 51143011100 – Pittsylvania County, VA ($12,750); 26049002200 – Genesee County, MI ($14,768); 42097081500 – Northumberland County, PA ($15,000); and 17115003100 – Macon County, IL ($15,069).
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 4,119 zones around the U.S with sufficient data to analyze, meaning they had at least five home sales in Q4 2022.
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