Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 106 NUMBER 33 ■ MECKTIMES.COM
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Construction firms add 32,000 jobs in July as sector’s unemployment rate drops to 3.5 percent Page 2
The Solomon Organization sells 762-unit Charlotte residential rental portfolio Page 3
Beauxwright launches Northerly Townhomes, urban living in North End Page 4
ENNICO: Should you sign up for a nonprofit board? Page 5
NOVAK: How to end anger before it erupts Page 6
Major indexes slip on Wall Street, adding to recent losses Page 7
Opportunity Zone redevelopment areas continue to track nationwide home-price increases ATTOM has released its second-quarter 2022 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. In this report, ATTOM looked at 5,198 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the second quarter of 2022. The report found that median single-family home and condo prices rose from the first quarter of 2022 to the second quarter of 2022 in 63 percent of Opportunity Zones around the country and went up at least 5 percent in roughly half of zones analyzed with sufficient data. Typical values also shot up at least 20 percent annually in about half of Opportunity Zones with enough data to analyze across all quarters. Moreover, median values increased in about half the Opportunity Zones by more than the 8.8 percent quarterly
and 15.3 percent year-overyear gain seen for all markets nationwide in the Spring of 2022. Those gains extended similar patterns seen over the past year as home prices in distressed neighborhoods around the nation continued to keep up with gains in the broader national housing market. Typical home values in Opportunity Zones remained lower than those in most other neighborhoods around the nation in the second quarter of 2022. Median secondquarter prices fell below the national median of $346,000 in 77 percent of Opportunity Zones, about the same portion as in earlier periods over the past year. Considerable price volatility also continued in those markets, as median values dropped quarterly in 37 percent of them, probably reflecting the small number of sales in many areas. “Homes in most Opportunity Zones represent affordable
options for real estate investors the country. Opportunity Zones are and consumer homebuyers in a market where both home defined in the Tax Act legislation prices and mortgage rates have as census tracts in or alongside neighborhoods been rising,” said Rick Sharga, low-income executive vice president that meet various criteria for of market intelligence at redevelopment in all 50 states, ATTOM. “With home prices up the District of Columbia and 15 percent compared to a year U.S. territories. Census tracts, ago and mortgage rates nearly as defined by the U.S. Census doubled, both investors and Bureau, cover areas that have homebuyers may find the lower 1,200 to 8,000 residents, with purchase prices for homes an average of about 4,000 available in Opportunity Zones people. The ongoing price spikes very attractive.” Median prices also were inside Opportunity Zones in under $200,000 in 49 percent the second quarter was one of of the zones during the second the latest signs of how high quarter of 2022. But that buyer demand coupled with percentage under $200,000 tight supplies of homes for sale was down from 58 percent in throughout the U.S. may have the second quarter of 2021 and priced many households out of 52 percent in the first quarter more upscale neighborhoods into lower-priced markets. of 2022. In another ongoing sign Demand continued into the of market strength, prices Spring buying season even as spiked at least 25 percent home mortgage rates rose in from the second quarter of the second quarter to nearly 6 last year to the same period percent, gasoline and other fuel this year in a larger portion costs soared, inflation shot up of Opportunity Zones than in PLEASE SEE OPPORTUNITY ON PAGE 6 other neighborhoods around
“Northerly represents a thoughtful and intentional new wave of development in the North End.”
David Belk Beauxwright
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