In 2015, the median price for a single-family lot across the United States was $45,000, the highest median value on record, surpassing 2006’s $43,000, NAHB’s Eye on Housing blog reports.
Lot prices reached this new high even as lots continue to shrink in size. The problem is, however, that builders have been dealing with record lot shortages, as reported by the NAHB in May. Another issue increasing the price of lots is the rising amount of regulatory costs. It is also possible that, because urban living has become more popular, more builders are buying up land in more densely populated city centers, where lots cost more money.
The New England region had the highest median lot price in 2015 at $120,000, followed by the Middle Atlantic at $80,000, and the Pacific at $58,200. The lowest median lot prices were seen in the South Atlantic and East South Central regions, each one with a median lot price of $35,000. Not only is the East South Central region tied for the lowest median lot price, but it also has the second largest lots in the country, making them the nation’s most economical.
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