Home sales prices increased in eight Forsyth County housing markets located in U.S. Treasury Department-designated “Opportunity Zones,” according to a second-quarter report released by Atom Data Solutions.
Launched in May 2018, Opportunity Zones are economically distressed census tracts that are eligible to receive private investment. The program was created by Congress and is intended to connect these areas with investors by offering tax credits and other incentives.
All but one of the 11 Forsyth neighborhoods are located in downtown Winston-Salem. These neighborhoods have more than 25,000 residents. These neighborhoods are included in 47 districts in the Triad region and 252 districts statewide.
Here are the Forsyth neighborhoods Attom Data looked at in the second quarter:
Section 2 in the Central Business District. The average sales price of a home was $335,000. This was the first price listed since $211,500 in the second quarter of 2022. Section 3.01 in the Boston-Thurmond subdivision. The average sales price of a home was $65,000. This was the first price listed since $52,500 in the first quarter of 2021. Section 3.02 in the Kimberly Park subdivision. The average sales price of a home was $92,725. This was the first price listed since $65,000 in the fourth quarter. Section 8.02, which covers the Atkins Community Development Corporation. The average sales price of a home was $152,250, up compared to $65,000 in the first quarter and $99,250 a year ago. Section 14, which includes Whitaker Park. The average sales price of a home was $140,000, down compared to $135,639 in the first quarter and $150,000 a year ago. The campus is part of a high-profile renovation project being undertaken by the Whitaker Park Development Authority and Cavalier Winston Development, an affiliate of Frye Properties of Norfolk, Virginia. Parcel 16.02 covers Smith Reynolds Airport and the area south of the airport. The average home sales price was $103,000, down from $82,500 in the first quarter and $50,000 a year ago. Parcel 17 includes the Lakeside Villas apartment complex development. The average home sales price was $143,000 when the Opportunity Zone program began. Since then, it has ranged from a low of $55,000 in the third quarter of 2020 to $214,000 in the third quarter of 2022. It was $175,217 in the second quarter. Parcel 33.13 includes Horneytown Road. The average home sales price was $362,500, up from $346,000 in the first quarter and $227,500 a year ago.
Anyone else reading this…
Guilford County has 12 subdivisions, Alamance has four, Randolph, Rockingham, Surry and Wilkes have three each, Davidson has two and Allegheny, Ashe, Davie, Stokes, Watauga and Yadkin have one each.
North Carolina's list of certified “opportunity zones” includes at least one low-income census tract in each of the state's 100 counties.
“The trickle-down effect of prolonged housing market revivals across the U.S. continues to energize many distressed communities, revealing their economic potential,” said Rob Barber, CEO of Atom. “This trend is particularly evident in Opportunity Zones, where homebuyers who cannot afford homes in more expensive areas are turning to areas where they can.”
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