Home sales in Forsyth County’s opportunity zones are showing mixed results, according to a recent report by Attom Data Solutions. The opportunity zones, which were launched in 2018, are economically-distressed areas that qualify for private investments and offer tax credits and other incentives to attract investors.
Out of the 11 opportunity zones in Forsyth County, 10 are located in the central part of Winston-Salem. These zones have a combined population of over 25,000 residents and are among the 47 opportunity zones in the Triad region and 252 statewide.
The report analyzed the performance of six opportunity zones in Forsyth County during the third quarter. Here are the key findings:
1. Tract 1, situated in the central business district, saw an average home sales price of $413,750. This represents a significant increase compared to $268,000 in the previous quarter and $190,000 from a year ago.
2. Tract 3.02, located in the Kimberly Park neighborhood, had an average sales price of $71,000. This figure declined from $81,000 in the previous quarter and remained relatively stable compared to $75,000 a year ago.
3. Tract 14, which includes the Whitaker Park development, recorded an average home sale price of $107,500. This was a decrease from $150,000 in the previous quarter and the same period last year.
4. Tract 16.02, encompassing the Smith Reynolds Airport and surrounding neighborhoods, had an average home sale price of $62,500. This increased from $50,000 in the second quarter, but there were no sales recorded during the third quarter of 2022.
5. Tract 17, home to the Lakeside Villas multifamily housing development, experienced fluctuations in its average home sale price. It ranged from a low of $55,000 in the third quarter of 2020 to a high of $214,000 in the third quarter of 2022. In the most recent quarter, the average price was $167,000, down from $210,000 a year ago.
6. Tract 33.13, which includes Horneytown Road, had an average home sale price of $235,000. This marked a decline from $277,500 in the second quarter and $296,500 a year ago.
It is worth noting that the report did not review several opportunity zones in Forsyth County during the third quarter. These include tracts in the central business district, Boston-Thurmond neighborhood, Innovation Quarter, Winston-Salem State University, and the Atkins Community Development Corp.
Local officials in Winston-Salem view the opportunity zones as an economic and community development tool to stimulate growth in areas that have seen limited investment. Forsyth County is just one of many regions in North Carolina that have designated opportunity zones, with at least one low-income census tract in each of the state’s 100 counties.
Despite the mixed results in home sales, the opportunity zones continue to attract attention from investors interested in taking advantage of the tax incentives and driving economic revitalization. As the housing market evolves, it will be interesting to see how these opportunity zones contribute to the overall growth and development of Forsyth County.
