In an analysis of U.S. Census Bureau data, the National Association of Home Builders has found that the median price for a single-family lot had risen 4.4% in 2018, higher than last year’s 2.4% average rate of inflation. Half of the nation’s lots now sell at or above $49,500, a nominal national record. (Adjusted for inflation, lot prices reached record highs in the pre-Recession housing boom.)
The analysis found that the most significant increase in lot values has occurred in the West South Central region, which includes Texas, Oklahoma, Arkansas and Louisiana. There, lot values have more than doubled since the pre-recession housing peak, with more than half of single-family lots now valued at or above $62,000.
Lot values are the highest in New England, where half of all lots in 2018 sold for $140,000 or more. The Pacific region, which includes California, Oregon, Washington, Hawaii and Alaska, has the smallest median lot size nationwide, but the second-highest median lot value at $87,000.
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