A new report by ATTOM Data Solutions analyzes qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017. This analysis looks at nearly 3,100 zones with sufficient sales data, which includes areas with at least five home sales in Q2 2019 as well as an average of at least five sales per quarter since Q3 2018.
The report revealed that about 80 percent of those zones had median home prices in Q2 2019 that were below the national figure of $266,000 and that half had median prices of less than $150,000. If you are interested in learning more about our opportunity zones data sets, visit our national opportunity zones report page.
th the highest percentage of census tracts meeting Opportunity Zone requirements include Wyoming (17 percent), Mississippi (15 percent), Alabama (13 percent), North Dakota (12 percent) and New Mexico (12 percent). Washington, DC, also is among the leaders (14 percent). Nationwide, 10 percent of all tracts qualify.
Among the 3,073 Opportunity Zones with sufficient data to analyze, California has the most, with 374, followed by Florida (317), Texas (164), Pennsylvania (154), North Carolina (145) and Tennessee (138).
At the census tract level, 47 percent had a median price in Q2 2019 of less than $150,000. The median ranged from $150,000 to $199,999 in 17 percent, from $200,000 up to the national median of $266,000 in 16 percent and more than $266,000 in 19 percent.
Which census tracts rank in the Top 10 in Q2 2019 with median home prices above $500K?
Those areas include: 010893100 – Huntsville, AL ($1,450,000); 06087121600 – Santa Cruz-Watsonville, CA ($1,245,000); 06037191000 – Los Angeles-Long Beach-Anaheim, CA ($1,100,000); 0607526100 – San Francisco-Oakland-Hayward, CA ($1,075,000); 360471500 – New York-Newark-Jersey City, NY-NJ-PA ($999,999); 06085500800 – San Jose-Sunnyvale-Santa Clara, CA ($995,000); 06037218300 – Los Angeles-Long Beach-Anaheim, CA ($988,750); 0607526004 – San Francisco-Oakland-Hayward, CA ($970,000); 0607910902 – San Luis Obispo-Paso Robles-Arroyo Grande, CA ($965,750); and 06085501600 – San Jose-Sunnyvale-Santa Clara, CA ($930,000).
Which census tracts rank in the Top 10 in Q2 2019 with median home prices below $200K?
Those areas include: 04017963300 – Show Low, AZ ($199,900); 5306314400 – Spokane-Spokane Valley, WA ($199,900); 0606544510 – Riverside-San Bernardino-Ontario, CA ($199,500); 060471700 – Merced, CA ($199,000); 32003510 – Las Vegas-Henderson-Paradise, NV ($199,000); 45059920301 – Greenville-Anderson-Mauldin, SC ($199,000); 04013104401 – Phoenix-Mesa-Scottsdale, AZ ($198,750); 37175960100 – Brevard, NC ($198,500); 4812120602 – Dallas-Fort Worth-Arlington, TX ($198,412); and 060471401 – Merced, CA ($198,000).
Does your area qualify as an opportunity zone? Contact ATTOM to find out and discover if your nearest opportunity zone’s home prices are above or below the national average!
