According to ATTOM’s newly released Q2 2023 Opportunity Zones Report, median single-family home and condo prices increased from Q1 to Q2 2023 in 61 percent of Opportunity Zones around the country, and rose at least 5 percent in about half.
ATTOM’s latest opportunity zones report noted that those increases reversed a brief fallback in values during the prior two quarters in a majority of zones, which sit in and around low-income neighborhoods where the federal government offers tax breaks to spur economic revival.
The Q2 2023 report also noted that in a sign that Opportunity Zones did a bit better than the rest of the country, median prices were up year-over-year by at least 3 percent in a higher portion of those areas. Also according to the report, they were up annually by that much in 50 percent of Opportunity Zones versus 45 percent of local markets in other parts of the country.
ATTOM’s second-quarter opportunity zones analysis also found that among states that had at least 25 Opportunity Zones with enough data to analyze in Q2 2023, the largest portions of zones where median prices rose quarterly were in Minnesota (medians up from the first quarter of 2023 to the second quarter of 2023 in 76 percent of zones), Tennessee (75 percent), Alabama (68 percent), California (67 percent) and Indiana (67 percent).
According to the report, states where prices were up quarterly in the smallest portion of zones included Louisiana (median prices up quarterly in 45 percent of zones), Colorado (53 percent), Virginia (53 percent), Oregon (54 percent) and Texas (58 percent).
The latest ATTOM report also noted that of the 3,909 zones in the report, 33 percent had median prices in Q2 2023 that were less than $150,000, down from 36 percent of those zones a year earlier. Also, another 16 percent had medians in Q2 2023, ranging from $150,000 to $199,999.
Also according to the report, median values in Q2 2023 ranged from $200,000 to $299,999 in 24 percent of Opportunity Zones, while they topped the nationwide second-quarter median of $350,000 in just 19 percent.
In this post, we dig deep into the data behind our latest Q2 2023 Opportunity Zones report to uncover the top 10 designated zones with median home prices that were less than $150,000 in Q2 2023. Those zones include: 47063100800 – Hamblen County, TN ($149,950 median home price in Q2 2023); 01097006403 – Mobile County, AL ($149,750); 55071000800 – Manitowoc County, WI ($149,622); 51195931400 – Wise County, VA ($149,500); 12033002803 – Escambia County, FL ($149,000); 04021000700 – Pinal County, AZ ($149,000); 17031829700 – Cook County, IL ($149,000); 55003950300 – Ashland County, WI ($149,000); 13009970400 – Baldwin County, GA ($149,000); and 48343950300 – Morris County, TX ($149,000).
Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017, are 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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