{"id":219400,"date":"2021-08-13T18:48:42","date_gmt":"2021-08-13T22:48:42","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=219400"},"modified":"2021-08-13T18:48:42","modified_gmt":"2021-08-13T22:48:42","slug":"single-family-lot-values-us-2020","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/single-family-lot-values-us-2020","title":{"rendered":"New single-family home lot values jumped a record-breaking 18% last year"},"content":{"rendered":"

<\/h4>

\"\"<\/a>Photo: James Bombales<\/em><\/p>\n

Residential real estate values are climbing across the board, influencing not only the price of homes but also the land they occupy.\u00a0<\/span><\/p>\n

According to the National Association of Home Builders\u2019 (NAHB) <\/span>recent analysis<\/span><\/a> of the Census Bureau\u2019s Survey of Construction (SOC) data, lot values for single-family homes that began construction in 2020 rose 18 percent \u2014 an \u201cunprecedented\u201d increase attributable to soaring material costs and a supply and demand imbalance.\u00a0<\/span><\/p>\n

Nationwide, the median lot price surged to $53,000, setting a new record. When adjusted for inflation, 2020 lot values neared those reported during the 2005-2006 housing boom when the majority of lots sold for over $43,000, or about $55,000 in today\u2019s dollars.\u00a0<\/span><\/p>\n

At $120,000, New England was the region with the most expensive median lot price last year \u2014 a title it has held for decades. More than half of all single-family homes started in 2020 were priced over the median. Zoning laws that favor low-density housing and the region\u2019s small geographic size have\u00a0upped land values\u00a0throughout the northeast.\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n

The second most expensive region was the Pacific at a median lot value of $103,000. The West Coast is home to the <\/span>smallest lot sizes<\/span><\/a>, with the typical new construction single-family home situated on a 0.14-acre parcel. If price per acre were taken into consideration, the Pacific would win out over New England in the rankings.\u00a0<\/span><\/p>\n

Median lot values in the Mountain region exceeded expectations in 2020, \u201c[setting] a new record with half of the lots priced at or above $73,000,\u201d noted NAHB. This made it the third most expensive region for lot values in the United States. West South Central \u2014 an area that includes Texas \u2014 recorded the fastest lot price appreciation, climbing 20 percent annually to $60,000. Eight years ago, the median-priced lot for a new single-family home cost about half that.\u00a0\u00a0<\/span><\/p>\n

The lowest-priced land was found in East South Central and South Atlantic, where most spec homes that were started in 2020 had median lot values of $40,000 and $35,000, respectively. The East South Central region offered the best bang for buyers\u2019 buck as it had the second-largest lots in the nation at a median size of 0.3 acres.\u00a0<\/span><\/p>\n

For some, building a home from the ground-up is a more preferable option to engaging in a bidding war. However, further price increases in the new construction market could cause some prospective buyers to consider a fixer-upper in lieu of a turn-key property.\u00a0<\/span><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Residential real estate values are climbing across the board, influencing not only the price of homes but also the land they occupy.<\/p>\n","protected":false},"author":12,"featured_media":219401,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2021-08-13T22:48:50Z","apple_news_api_id":"857a5791-eb4c-4da3-b308-9db06f7a5cd3","apple_news_api_modified_at":"2021-08-13T22:48:51Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AhXpXketMTaOzCJ2wb3pc0w","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11163,11198,11002],"coauthors":[8647],"apple_news_notices":[],"yoast_head":"\nNew 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