Investors are seeing early benefits to their opportunity zone investments: Median single-family and condo prices are increasing in the majority of nationwide opportunity zones—by 62%, according to a third-quarter report released by ATTOM Data Solutions. Prices increased by at least 20% annually in nearly half of the zones.
Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income areas, offering investors significant tax breaks over several years to those who do so. More than 8,700 communities across the country have been designated as available for revitalization using opportunity zones.
ATTOM Data Solutions identified 10 opportunity zones that nearly doubled in year-over-year increases in median home prices and saw prices increase above the national median of $310,500. They are:
- Hennepin County, Minn. (270530095000): up from $169,971 in Q3 2020 to $337,225 in Q3 2021
- Galveston County, Texas (48167724101): up from $315,000 in Q3 2020 to $621,323 in Q3 2021
- Miami-Dade County, Fla. (12086002201): up from $414,000 in Q3 2020 to $815,000 in Q3 2021
- Whatcom County, Wash. (53073001000): up from $283,500 in Q3 2020 to $557,000 in Q3 2021
- Contra Costa County, Calif. (06013337200): up from $383,500 in Q3 2020 to $741,000 in Q3 2021
- Adams County, Colo. (08001015000): up from $222,500 in Q3 2020 to $429,900 in Q3 2021
- Belknap County, N.H. (33001966000): up from $209,500 in Q3 2020 to $400,000 in Q3 2021
- San Diego County, Calif. (06073003404): up from $335,000 in Q3 2020 to $639,500 in Q3 2021
- Sarasota County, Fla. (12115000200): up from $215,000 in Q3 2020 to $410,000 in Q3 2021
- Hillsborough County, Fla. (12057004200): up from $294,500 in Q3 2020 to $560,000 in Q3 2021