Lots are costing buyers more

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REALTOR Magazine

Lots may be getting smaller, but they’re also getting more expensive, according to analyzed data taken from the U.S. Census Bureau’s Survey of Construction. Single-family lot prices reached a new record high in 2017—half of the lots were priced at or above $47,400.

While this is a new nominal record, when adjusted for inflation, lot values have still not reached their peaks from the housing boom days, the National Association of Home Builders reports. During the housing boom, half of lots were priced at more than $43,000—this is more than $50,000 when converted to 2017 values.

However, some regions within the U.S. have seen their lot prices surpass their former peaks, even when adjusted for inflation. Rising lot values are the most pronounced in the West South Central and West North Central divisions, where lot values have climbed to new historical records.

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