Opportunity Zone Home Prices Stay on Trend With Broader Housing Market
Home prices in Opportunity Zones generally rose along with the rest of the market, with 61% of all areas seeing price gains
Nov. 11, 2024
Mindaugas Dulinskas / stock.adobe.com
Of all the states analyzed, Nevada saw the highest share of Opportunity Zones with price increases.
Opportunity Zones—or areas targeted by the U.S. government for economic development—appear to be keeping up with nationwide housing market trends. According to a recent report from property information provider ATTOM, median home and condo prices rose in 53% of these qualified low-income Opportunity Zones from Q2 to Q3, and 61% experienced annual price increases.
In states with at least 25 Opportunity Zones, Nevada saw the highest proportion of zones with annual price increases at 81%, followed by Wisconsin at 75%, and Indiana at 72%. On the other hand, the states that had the smallest share of zones with annual price gains were Kentucky at 46%, followed by Louisiana and Colorado, both at 47%.
Despite overall gains inside Opportunity Zone markets, the third-quarter trends again were mixed, with typical values rising more in higher-priced zones while benefitting fewer of the very lowest-priced neighborhoods. That continued to reveal how the very bottom of the U.S. housing market is benefitting less from the national run of price gains now in its 13th year and could be more vulnerable if that pattern levels off or reverses.Read more
