According to ATTOM Data Solutions’ newly released Q1 2021 Opportunity Zones Report, median home prices increased from Q1 2020 to Q1 2021 in 75 percent of Opportunity Zones with sufficient data to analyze.
ATTOM’s quarterly opportunity zones report analyzes qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs Act of 2017. For the Q1 2021 opportunity zones analysis, ATTOM looked at 4,579 zones around the U.S. with at least five home sales in Q1 2021.
The Q1 2021 report also found that median home prices rose by at least 10 percent in close to two-thirds of the zones analyzed. The reported noted those percentages roughly tracked trends in areas of the U.S. outside of Opportunity Zones, continuing patterns from Q4 2020.
Also according to the latest Opportunity Zones analysis, states with the largest percentage of zones where median prices rose annually during Q1 2021 included Arizona (median prices up, year over year, in 84 percent of zones), Idaho (83 percent), Oregon (83 percent), Nevada (82 percent) and Michigan (82 percent).
In this post, we dig deeper into the data behind the Q1 2021 Opportunity Zones report to uncover the top 50 zones that nearly doubled in median home prices annually, presenting ripe opportunities for investors.
The top 50 Opportunity Zones nearly doubling in median prices, year-over-year, ripe for investors include:
Opportunity Zone – County, State | Q1 2020 Median Price | Q1 2021 Median Price |
45075011400 – Orangeburg County, South Carolina | $68,000 | $135,750 |
13121006300 – Fulton County, Georgia | $99,000 | $197,500 |
48215021701 – Hidalgo County, Texas | $127,187 | $253,530 |
26053950600 – Gogebic County, Michigan | $27,500 | $54,788 |
39153505700 – Summit County, Ohio | $31,901 | $63,500 |
50023955200 – Washington County, Vermont | $93,000 | $185,000 |
18039000302 – Elkhart County, Indiana | $93,750 | $186,400 |
34017010800 – Hudson County, New Jersey | $242,500 | $480,000 |
40021978100 – Cherokee County, Oklahoma | $98,000 | $193,500 |
47001021000 – Anderson County, Tennessee | $76,000 | $150,000 |
37101040301 – Johnston County, North Carolina | $104,500 | $206,000 |
51640070101 – Galax City County, Virginia | $68,000 | $134,000 |
40071001301 – Kay County, Oklahoma | $33,000 | $65,000 |
21117060900 – Kenton County, Kentucky | $48,000 | $94,350 |
06019000400 – Fresno County, California | $103,250 | $202,500 |
47093006502 – Knox County, Tennessee | $110,000 | $214,715 |
48213951200 – Henderson County, Texas | $78,000 | $151,875 |
36097950300 – Schuyler County, New York | $90,060 | $175,000 |
37163970600 – Sampson County, North Carolina | $76,000 | $147,500 |
47157002800 – Shelby County, Tennessee | $36,625 | $71,000 |
13121007807 – Fulton County, Georgia | $80,000 | $155,000 |
18157000400 – Tippecanoe County, Indiana | $64,500 | $124,888 |
40101000600 – Muskogee County, Oklahoma | $58,112 | $112,500 |
01051031300 – Elmore County, Alabama | $75,000 | $145,000 |
12086009807 – Miami-Dade County, Florida | $170,000 | $328,600 |
13095001000 – Dougherty County, Georgia | $28,000 | $54,000 |
12105011202 – Polk County, Florida | $55,000 | $106,000 |
05015950300 – Carroll County, Arkansas | $84,950 | $163,500 |
37107010100 – Lenoir County, North Carolina | $65,500 | $126,000 |
42007601300 – Beaver County, Pennsylvania | $19,500 | $37,500 |
39113002000 – Montgomery County, Ohio | $30,000 | $57,667 |
27053126000 – Hennepin County, Minnesota | $182,500 | $350,000 |
40109106912 – Oklahoma County, Oklahoma | $41,000 | $78,500 |
39139000600 – Richland County, Ohio | $15,500 | $29,640 |
12115000102 – Sarasota County, Florida | $246,500 | $471,350 |
12063210500 – Jackson County, Florida | $68,000 | $130,000 |
42101009500 – Philadelphia County, Pennsylvania | $50,000 | $95,500 |
37119004500 – Mecklenburg County, North Carolina | $153,500 | $292,500 |
04013422203 – Maricopa County, Arizona | $132,500 | $252,000 |
24041960400 – Talbot County, Maryland | $173,000 | $329,000 |
13115001600 – Floyd County, Georgia | $25,000 | $47,500 |
17031825600 – Cook County, Illinois | $60,000 | $114,000 |
26049003700 – Genesee County, Michigan | $20,000 | $38,000 |
37017950400 – Bladen County, North Carolina | $89,500 | $170,000 |
06073003303 – San Diego County, California | $259,000 | $490,000 |
53049950300 – Pacific County, Washington | $108,000 | $203,850 |
26147624000 – Saint Clair County, Michigan | $32,750 | $61,800 |
31185969700 – York County, Nebraska | $85,000 | $160,000 |
51059421800 – Fairfax County, Virginia | $230,000 | $432,500 |
05071952000 – Johnson County, Arkansas | $48,500 | $91,000 |
ATTOM’s Q1 2021 Opportunity Zones report also noted that prices in the zones analyzed continued to lag far behind the national average in Q1 2021. About 43 percent of zones with enough data still had median prices of less than $150,000; however, that was down from 50 percent in Q1 2020 as prices inside some of the nation’s poorest communities kept surging ahead with the broader market.
The report also noted that the pandemic’s impact continued in the early months of 2021, hitting hardest in lower-income communities that comprise most of the zones targeted for tax breaks designed to spur economic redevelopment. Although, housing markets inside Opportunity Zones showed no major signs of cooling off as prices there again rode along with a nationwide boom now in its 10th year.
Opportunity Zones are defined in the Tax Act legislation as census tracts in or along side 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 with 1,200 to 8,000 residents, with an average of about 4,000 people.
Want to learn more about opportunity zones in your area? Contact us to find out how!