By Lillian Dickerson | Inman.com
A new report from Attom Data Solutions shows that 47 percent of qualified opportunity zones saw median home prices rise more than the national increase of 9.4 percent year-over-year.
Nearly half (47 percent) of qualified opportunity zones saw median home prices rise more than the national increase of 9.4 percent year-over-year from Q4 2018 to Q4 2019, according to Attom Data Solutions’ Q4 2019 Opportunity Zones Report.
Qualified opportunity zones were created by the 2017 Tax Cuts and Jobs Act as a way to spur economic development in distressed or lower income neighborhoods by offering tax benefits. For this report, Attom analyzed 3,700 zones with at least five home sales in each quarter from 2005 to Q4 2019.
“Home prices in thousands of Opportunity Zone neighborhoods targeted for revival across the United States continued to ride the tide of the national housing market boom in the fourth quarter of 2019, marching along with broad trends and even doing better in many areas,” Todd Teta, chief product officer of Attom Data Solutions, said in a press release.
