This shows that while the pace of price increases slowed in Q1 of 2022 compared to peak periods recorded last year, median values still rose more than the 16.6% year-over-year gain nationwide, explained ATTOM.
“Home price trends in Opportunity Zones mirror what we’re seeing elsew. in the housing market,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “Strong price growth has helped homeowners in these economically-challenged areas benefit from higher equity and should contribute to the ongoing redevelopment of these areas.”
Of all 5,092 zones included in ATTOM’s report, 35% still had median prices that were lower than $150,000 and 15% had prices ranging from $150,000 to $199,999. Additionally, 21% of zones saw median values between $200,000 and $299,999, while 24% topped the national median of $320,500.
“With so little entry level inventory on the market, homes in Opportunity Zones represent some of the few remaining affordable options for prospective homebuyers,” Sharga added. “This is especially important for first-time buyers, who typically have to stretch their finances in order to be able to afford a home.”