Home Prices Increase in 75% of Opportunity Zones During Q1 2021
A new report from ATTOM Data Solutions says that median home prices increased from Q1 2020 to the first Q1 2021 in 75% of Opportunity Zones and rose by at least 10% in nearly to two-thirds of them. ATTOM says those percentages roughly tracked trends in areas of the U.S. outside of Opportunity Zones, continuing patterns from the fourth quarter of last year. However, they also point out that home prices in Opportunity Zones continued to lag far behind the national average in Q1. Around 43% of zones had median prices of less than $ 150,000.
“Some of the country’s poorest neighborhoods continued riding the long national boom in home prices during the first quarter of the year…Those ongoing gains emerged in the latest price data showing values in designated Opportunity Zones rising at about the same pace, or even more, than in other communities.”
“Home values inside the zones remain quite low compared to the rest of the U.S. But they are far from immune from the boom. That shows continued interest among home buyers in marginal areas and continues to bode well for the redevelopment that Opportunity Zone tax breaks are designed to promote.” Said Todd Teta, chief product officer with ATTOM Data Solutions.
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