ATTOM’s newly released Q3 2021 Opportunity Zones Report, analyzing qualified low-income Opportunity Zones as established by Congress in the Tax Cuts and Jobs Act of 2017, found that that median single-family home and condo prices increased from Q2 to Q3 2021 in 62 percent of zones analyzed. The report also found that around the country, prices rose by at least 20 percent annually in 47 percent of qualified zones.
According to ATTOM’s latest opportunity zones analysis, those patterns reported in Q3 2021, continued to closely parallel the broader U.S. housing market as it powered through a 10th straight year of gains. The report noted that by some measures, values in Opportunity Zones did even better, extending patterns from over the past year.
ATTOM’s Q3 2021 Opportunity Zones report also noted that home values in most Opportunity Zones did again trail well behind values in most other neighborhoods around the U.S. in Q3 2021, with about three-quarters of zones analyzed, having typical third-quarter prices below the national median of $310,500.
The report stated that median values also remained under $200,000 in 53 percent of the zones analyzed in Q3 2021, but that was down from 57 percent in Q2 2021 and 63 percent in Q3 2020, as values inside some of the nation’s poorest communities kept up with broader national housing market gains despite the Coronavirus pandemic remaining a threat to the U.S. economy.
Also according to ATTOM’s latest analysis, in a sign of even better growth, prices spiked by at least 25 percent in Q3 2021, measured year over year, in four of every 10 Opportunity Zones, compared to three of every 10 communities in the rest of the country. The report noted that among states with at least 20 qualified zones, those with the largest percentage of zones where median prices rose year over year in Q3 2021 were Idaho (where median prices were up, year over year, in 97 percent of the zones), Arizona (94 percent), Massachusetts (91 percent), Delaware (90 percent) and Utah (89 percent).
The Q3 2021 analysis also noted that 36 percent of the zones analyzed still had median prices in Q3 2021 that were less than $150,000, while 17 percent had medians ranging from $150,000 to $199,999. According to the report, the total percentage of zones with typical values below $200,000 was down from 63 percent in Q3 2020 to 53 percent in Q3 2021. The report stated that median values in Q3 2021 ranged from $200,000 to $299,999 in 22 percent of the zones analyzes, while they topped the national median of $310,500 23 percent.
In this post, we dig deeper into the data behind the ATTOM Q3 2021 Opportunity Zones report to uncover those top 10 opportunity zones that nearly doubled in year-over-year increases in median home prices and saw prices increase above the national median of $310,500.
Those zones include: 27053009500 in Hennepin County, MN (up from $169,971 in Q3 2020 to $337,225 in Q3 2021); 48167724101 in Galveston County, TX (up from $315,000 in Q3 2020 to $621,323 in Q3 2021); 12086002201 in Miami-Dade County, FL (up from $414,000 in Q3 2020 to $815,000 in Q3 2021); 53073001000 in Whatcom County, WA (up from $283,500 in Q3 2020 to $557,000 in Q3 2021); 06013337200 in Contra Costa County, CA (up from $383,500 in Q3 2020 to $741,000 in Q3 2021); 08001015000 in Adams County, CO (up from $222,500 in Q3 2020 to $429,900 in Q3 2021); 33001966000 in Belknap County, NH (up from $209,500 in Q3 2020 to $400,000 in Q3 2021); 06073003404 in San Diego County, CA (up from $335,000 in Q3 2020 to $639,500 in Q3 2021); 12115000200 in Sarasota County, FL (up from $215,000 in Q3 2020 to $410,000 in Q3 2021); and 12057004200 in Hillsborough County, FL (up from $294,500 in Q3 2020 to $560,000 in Q3 2021).
The ATTOM Q3 2021 Opportunity Zones Report stated that the Midwest continued in Q3 2021 to have the highest portion of Opportunity Zone tracts with a median home price of less than $150,000 (60 percent), followed by the South (42 percent), the Northeast (35 percent) and the West (5 percent).
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