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Median Home Prices in 78% of O-Zones Are Below the National Average
A report issued by ATTOM Data Solutions showed that houses in 78% of the nation’s Opportunity Zones had median prices less than the national median price of $257,000 in Q4 2019, almost the same percentage as the previous quarter. The report also noted that 48% of the O-zones had median housing prices of less than $150,000.
Meanwhile, approximately half the zones included in the report saw median home prices increase above the national average of 9.4%, year over year. In 34% of the Opportunity Zones analyzed, prices either declined or stayed the same. In putting together its report, ATTOM examined approximately 3,700 O-Zones with sufficient sales data to analyze, meaning the zones had at least five home sales in each quarter from 2005 through Q4 2019.
Todd Teta with ATTOM Data Services indicated that homes prices in thousands of Opportunity Zone regions targeted for renewal “continued to ride the tide of the national housing market boom” in late 2019. However, with these areas the most vulnerable to economic downturns, the increase could change if the broader housing market flattens out or declines. However, “the price gains are a crucial measure that neighborhoods designated as Opportunity Zone tax breaks hold significant allure for potential residents,” he said.
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