Home Prices In Opportunity Zone Redevelopment Areas Fall During Fourth Quarter

Median Home Values Decline from Third to Fourth Quarter of 2022 in More Than Half of Opportunity Zones Targeted for Economic Redevelopment; Drop-off Matches Broader Nationwide Downturn; Values Still Up Annually in Almost Two-Thirds of Zones Even as Market Cools IRVINE, Calif. – Feb. 16, 2023 — ATTOM , a leading curator of land, property, and real estate data , today released its fourth-quarter 2022 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 4,119 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the fourth quarter of 2022. The report found that median single-family home and condo prices decreased from the third quarter of 2022 to the fourth quarter of 2022 in 56 percent of Opportunity Zones around the country and went down at least 5 percent in almost half. Those declines closely paralleled drops in neighborhoods outside the zones as prices fell across the broader U.S. housing market during the second half of 2022 following a decade of almost continuous growth. Solutions For Every Industry […]

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