According to ATTOM’s newly released Opportunity Zones Report for Q2 2024, average prices for single-family homes and condos increased in 61 percent of opportunity zones nationwide from the first to the second quarter of 2024, based on zones with sufficient data to measure. On an annual basis, prices increased in 62 percent of the zones analyzed.
ATTOM’s latest Opportunity Zones report found that these trends, seen in and around low-income neighborhoods receiving government tax incentives to encourage economic recovery, continue a long-term pattern of home prices in Opportunity Zones that mirrors broader national changes over the past three years. This pattern persisted whether home prices increased sharply, increased moderately, or declined slightly.
The ATTOM analysis found that typical home values in most Opportunity Zones continued to be significantly lower than other markets across the country due to economic restrictions in the second quarter of 2024. In 80 percent of these zones, median prices were below the U.S. median of $365,000, consistent with trends over the past three years. In addition, median prices in nearly half of the zones were below $200,000.
The report stated that of the 3,904 zones analyzed in the report, 1,148 (29 percent) had median home prices below $150,000 in the second quarter of 2024. This is down from 34 percent of zones with sufficient data a year earlier and nearly 60 percent five years ago. Another 647 zones (17 percent) had median prices between $150,000 and $199,999 in the second quarter of this year.
ATTOM’s latest Opportunity Zones analysis also found that in the second quarter of 2024, median home values in 23 percent of Opportunity Zones were between $200,000 and $299,999, while only 20 percent of zones had median values above the national median of $365,000.
In this post, we dive deep into the data behind our latest Opportunity Zones report to identify the top 10 Opportunity Zones where the median home price nearly doubled from the first to the second quarter of 2024.
These zones include: Opportunity Zone #01073000800 in Jefferson County, AL (increase from $30,000 median sales price in Q1 2024 to $59,985 median sales price in Q2 2024); Opportunity Zone #12105011202 in Polk County, FL (increase from $94,000 to $187,450); Opportunity Zone #53033008600 in King County, WA (increase from $326,000 to $650,000); Opportunity Zone #47069950300 in Hardeman County, TN (increase from $80,000 to $159,500); Opportunity Zone #12101030102 in Pasco County, FL (increase from $225,000 to $447,500); Opportunity Zone #47159975300 in Smith County, Tennessee (increase from $210,000 to $415,000); Opportunity Zone #18097390700 in Marion County, Indiana (increase from $99,000 to $195,000); Opportunity Zone #18089012300 in Lake County, Indiana (increase from $42,233 to $83,125); Opportunity Zone #01101002100 in Montgomery County, Alabama (increase from $50,898 to $100,000); and Opportunity Zone #39099810800 in Mahoning County, Ohio (increase from $78,500 to $153,679).
Watch: ATTOM Top Ten Opportunity Zones Where Median Home Price Nearly Doubled Quarterly
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