Attom released a 2024 report on sales activities in the nationwide opportunity zone, finding it closely tracks the typical market.
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Real estate analysis and real estate data company Attom has released a report on sales activities in 2024 in the many government-appointed opportunity zone, according to a statement on February 13th.
Attom said it reviewed 3,783 zones in the fourth quarter of last year using data from more than five home sales.
The report states that median single-family homes and median condo prices are sufficient to measure 49% of the 49% opportunity zones nationwide from the third quarter of 2024 to the fourth quarter of 2024. We found that we’ve increased our data,” Attom said.
Of the zones surveyed, prices rose at 61%, median prices rose 10% per year, tracking at a similar pace to typical property outside the area that benefits from tax subsidies, and According to Attom’s research.
“This scenario is held regardless of whether the housing market is limited, medium or robust profits,” the company said.
In 49% of the zones surveyed, median prices for single-family homes and condominiums increased between the third and fourth quarters, and remained the same or slightly slipped for the rest. However, compared to the previous year, the median price rose at 61% (1,984) of the zone.
“The micromarket within the opportunity zone continues to enjoy a significantly more consistent benefit from the household price boom that is still much wider across the country,” said Attom CEO Rob Barber. . “Once again, we see a noticeable level of economic potential in these areas, which are a lot of things on a limited budget that we may not have considered a few years ago. There is growing value and tough supply to sell a close supply of homes to sell buyers.”
ATTOM data revealed median prices were rising primarily in 47% of zones with median prices sold for under $125,000 in the fourth quarter of 2024. $299,999 in 25% of the opportunity zone broke $360,000 with only 20% of the national fourth quarter median. ”
Still, Attom found that the median fourth quarter prices for around 80% of the opportunity zone was the median non-zone home (which remains below $360,000). The median price was still under $200,000 in almost half of the zone, the company said.
In Kentucky, Colorado, Wisconsin, Utah and Arizona, median prices for opportunities zone homes increased by a quarter. Bluegrass state saw the largest annual jump at 71%.
“Price trends in opportunity zones are inconsistent. The lowest areas are struggling to keep up. That’s a warning sign for those areas,” Barber said. “But the big point from the latest data is that there is a lot of money flowing through these places.
These primarily urban census regions were identified as parallel to low-income communities through the 2017 Tax Cuts and Employment Act. They include an area with an average of 4,000 people, with over 1,200 or over 8,000 people. Developers are allowed many tax incentives to invest in building projects to drive economic growth.
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