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Opportunity zone redevelopment areas continue to track home-price gains nationwide in the second quarter

Half of the sectors analyzed see median home prices rising at least 5 percent from the first quarter to the second quarter of 2022, and half of all sectors at least 20 percent annually.

Irvine, California, August 112022 /PRNewswire/ — ATTOM, the leading curator of nationwide real estate data for land and property data, today released its second quarter 2022 report, analyzing eligible low-income opportunity zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act. 2017 (see full procedure below). In this report, ATTOM looked at around 5,198 sectors United States With enough data to analyze, that means they have at least five home sales in the second quarter of 2022.

The report found that median single-family home and condo prices rose from the first quarter of 2022 to the second quarter of 2022 in 63 percent of opportunity zones nationwide, and by at least 5 percent in roughly half of the zones analyzed with sufficient data. . Typical values ​​increased by at least 20 percent annually in half of the opportunity sectors with sufficient data to analyze in all quarters.

Furthermore, average values ​​in more than half of the opportunity sectors were higher than the 8.8 percent quarterly and 15.3 percent year-over-year gains seen in all markets nationwide in the spring of 2022.

Those gains extended similar patterns seen over the past year as home prices in distressed neighborhoods around the nation kept pace with gains in the broader national housing market.

Typical home values ​​in Opportunity Zones were lower than other neighborhoods around the nation in the second quarter of 2022. Average second quarter prices were lower than the national average $346,000 77 percent in opportunity zones, similar to previous periods last year. Substantial price volatility continued in those markets, as median values ​​fell 37 percent in the quarter, likely reflecting the smaller number of sales in many areas.

“Homes in high opportunity zones represent affordable options for real estate investors and consumer home buyers, where home prices and mortgage rates are rising,” he said. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM. “With home prices up 15 percent and mortgage rates nearly doubling from a year ago, investors and homebuyers are finding lower purchase prices for available homes in opportunity zones very attractive.”

Average prices were also down $200,000 in 49 percent sectors by the second quarter of 2022. But the percentage under it $200,000 That’s down from 58 percent in the second quarter of 2021 and 52 percent in the first quarter of 2022.

In another ongoing sign of market strength, prices are up at least 25 percent from the second quarter of last year to the same period this year in more opportunity zones than in other neighborhoods across the country.

Opportunity zones are defined in Tax Act legislation as census tracts in or near low-income neighborhoods that meet various criteria for redevelopment in all 50 states. District of Columbia and US territories. Census tracts, as defined by the US Census Bureau, include areas with 1,200 to 8,000 residents with an average population of 4,000 people.

The ongoing price increase within Opportunity Zones in the second quarter is one of the latest signs of how high buyer demand combined with a tight supply of homes for sale across the US may have priced many families out of more expensive neighborhoods into lower-priced markets. As home mortgage rates rose to nearly 6 percent in the second quarter, gasoline and other fuel costs soared, inflation hit a 40-year high and economic uncertainty increased across the country.

High level findings from the report:

  • Median prices for single-family homes and condominiums increased from the first quarter of 2022 to the second quarter of 2022 by 2,928 (63 percent) in opportunity zones around the U.S. with sufficient data to analyze, but decreased in 37 percent. They have increased by 3,692 (77 percent) sectors from the second quarter of 2021 to the same period this year. By comparison, median prices rose quarterly in 69 percent of census tracts outside opportunity zones and 82 percent annually. (Of the 5,198 opportunity zones included in the report, 4,654 had sufficient data to generate usable average-price comparisons from the first quarter to the second quarter of 2022; 4,793 had sufficient data to make comparisons between the second quarter of 2021 and the second quarter of 2022).
  • Measured year-over-year, median home prices rose by at least 25 percent in the second quarter of 2022 in 1,883 (39 percent) of opportunity zones with sufficient data. Prices rose during that period, compared to only 34 percent of all other census tracts outside opportunity zones across the country.
  • Among states with at least 25 opportunity zones with sufficient data to analyze in the second quarter of 2022, states with the largest share of zones where median prices rose year-over-year were in the West. He was leading Utah (Average prices, year-on-year, in 97 percent of sectors) Arizona (93 percent), Nevada (93 percent), Oregon (89 percent) and Idaho (88 percent).
  • Of the 5,198 sectors in the report, 1,763 (34 percent) still had average prices in the second quarter of 2022 that declined. $150,000. That’s down from 41 percent in those sectors a year ago. Another 778 sectors (15 percent) had intermediaries in the second quarter of this year $150,000 to $199,999.
  • Average values ​​for the second quarter of 2022 $200,000 to $299,999 He topped the second quarter average nationwide at 1,118 opportunity zones (22 percent). $346,000 in 1,172 (23 percent).
  • The Midwest continued to have the highest share of low-cost Opportunity Zone tracts in the second quarter of 2022, with lower than median home prices. $175,000 (69 percent), followed by Northeast (45 percent), South (45 percent) and West (6 percent).
  • The median household income in 87 percent of opportunity zones analyzed is below the median in the counties in which they are located. Median income is less than three-quarters of county-level figures in 56 percent of the zones and less than half in 16 percent.

Reporting Method
ATTOM Opportunity Zones analysis is based on home sale price data obtained from recorded sale deeds. Figures for previous quarters are revised with each new report as more letter data becomes available. ATTOM’s analysis compared median home prices in census tracts designated as opportunity zones by the Internal Revenue Service. Except where noted, tracts were used for analysis if they had at least five sales in the first quarter of 2022. Median household income data for tracts and counties come from surveys taken by the US Census Bureau (www.census.gov) since 2016. By 2020. A list of designated eligible opportunity zones is located in the US Department of the Treasury. Areas are based on Census Bureau designations. Hawaii And AlaskaThe Bureau designates part of the Pacific Region, which for this report is included in the Western Region.

About ATOM
ATTOM provides premium asset data for energy products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental hazard, natural hazard, and neighborhood data for 155 million US residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID – the ATTOM ID. The 20TB ATTOM data warehouse drives innovation across multiple industries, including mortgage, real estate, insurance, marketing, government and more, through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our new innovative solution that provides instant access and streamlines data management – ATTOM Cloud.

Media Contact:
Christine Stryker
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Data and Reporting License:
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