Opportunity Zone Home Prices Rise at Pace Close to Other Areas
ATTOM data shows median home prices grew in 48.9% of Opportunity Zone tracts, nearly matching the 51.6% rate seen outside the zones.
Home price growth in federally designated Opportunity Zones is closely mirroring broader market trends, according to new data from ATTOM, a provider of property data and real estate analytics based in Irvine, California.
Median home prices rose year-over-year in 48.9 percent of Opportunity Zone census tracts, compared with 51.6 percent of tracts located outside those designated areas — a gap of fewer than three percentage points, the data show.
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The figures suggest that Opportunity Zones, created under the 2017 Tax Cuts and Jobs Act to spur investment in economically distressed communities, are not dramatically outperforming or underperforming the wider residential real estate market in terms of price appreciation.
The narrow differential may draw scrutiny from policymakers and investors who have pointed to the zones as catalysts for revitalization, while also offering some reassurance that targeted tax incentives have not left these communities behind in the current housing cycle.
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