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AZ Business Magazine | AZBigMedia
Home prices continue rising in two-thirds of Opportunity Zones
ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its first-quarter 2020 special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at about 3,000 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the first quarter of 2020.
The report found that 45 percent of the zones saw median home prices rise by more than the national increase of 11.3 percent from the first quarter of 2019 to the first quarter of 2020, where sufficient data was available. That was down slightly from the 47 percent of zones that bested the 9.4 percent annual change from the fourth quarter of 2018 to the same period in 2019.
The report also shows that 78 percent of the zones had median home prices in the first quarter of 2020 that were less than the national median of $265,900.
“The fact that median home prices in 45 percent of opportunity zones increased year over year more than the national average is evidence communities in opportunity zones are seeing strong demand and growth, due in no small part to opportunity zone investors.” ~ Dan Gauthier, Attorney at Rose Law Group
