Home Sales in Forsyth County Opportunity Zones Show Mixed Results

Date:

Updated: 12:18 AM, Tue November 21, 2023

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.

Frequently Asked Questions (FAQs) Related to the Above News

What are opportunity zones in Forsyth County?

Opportunity zones in Forsyth County are economically-distressed areas that qualify for private investments and offer tax credits and other incentives to attract investors. They were launched in 2018 as a tool for economic and community development.

How many opportunity zones are there in Forsyth County?

There are 11 opportunity zones in Forsyth County, with 10 located in the central part of Winston-Salem.

What is the population of the opportunity zones in Forsyth County?

The opportunity zones in Forsyth County have a combined population of over 25,000 residents.

What was the average home sales price in Tract 1 during the third quarter?

In Tract 1, located in the central business district, the average home sales price was $413,750 during the third quarter.

Has the average home sales price in Tract 3.02 changed compared to the previous quarter?

Yes, the average home sales price in Tract 3.02, located in the Kimberly Park neighborhood, declined from $81,000 in the previous quarter to $71,000 in the third quarter.

How did Tract 14, including the Whitaker Park development, perform in terms of home sales?

Tract 14 recorded an average home sale price of $107,500 during the third quarter, which was a decrease from the previous quarter and the same period last year.

Were there any home sales recorded in Tract 16.02 during the third quarter?

No, there were no sales recorded in Tract 16.02, which encompasses the Smith Reynolds Airport and surrounding neighborhoods, during the third quarter of 2022.

What was the average home sale price in Tract 17 during the most recent quarter?

In Tract 17, home to the Lakeside Villas multifamily housing development, the average home sale price was $167,000 during the third quarter, down from $210,000 a year ago.

How did Tract 33.13, which includes Horneytown Road, perform in terms of home sales?

Tract 33.13 had an average home sale price of $235,000 during the third quarter, marking a decline from the previous quarter and the same period last year.

Which opportunity zones were not reviewed in the report?

The report did not review opportunity zones in the central business district, Boston-Thurmond neighborhood, Innovation Quarter, Winston-Salem State University, and the Atkins Community Development Corp.

How are opportunity zones viewed by local officials in Winston-Salem?

Local officials in Winston-Salem view opportunity zones as an economic and community development tool to stimulate growth in areas that have seen limited investment.

Are opportunity zones in Forsyth County attracting attention from investors?

Yes, despite 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.

How many opportunity zones are there in North Carolina?

North Carolina has designated opportunity zones in at least one low-income census tract in each of the state's 100 counties.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

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