After rising steadily throughout 2021, the U.S. median lot price for single-family detached housing starts stands at $55,000, reaching a new record in six out of nine Census divisions, NAHB Eye on Housing reports. In New England and Pacific, lot values surged 67% and 39%, respectively, to reach historic highs as a result of record lot shortages, building material price hikes, and relentless supply chain challenges.
New England saw the most substantial growth in 2021 when its median lot price reached $200,000, almost quadrupling the national median. Despite having the smallest lots, the Pacific division also saw its median lot price rise significantly to $143,000 in 2021, the second most expensive value in the nation.
When adjusted for inflation, lot values are now close to the record levels of the housing boom of 2005-2006 when half of lots were valued over $43,000, which is equivalent to about $57,800 when converted into inflation-adjusted 2021 dollars. At the same time, home building shifted towards smaller lots, resulting in record high prices per acre.
Advertisement
Related Stories
Land Planning
Helena Habitat for Humanity Aims to Build 1,000 Affordable Homes
A new Habitat for Humanity project in Helena, Mont., aims to deliver 1,000 affordable housing units and outdoor community amenities
Government + Policy
How Eminent Domain May Be Used to Respond to Climate Crises
Eminent domain, which grants the government power to take private property for public use, has displaced thousands of Americans for the sake of infrastructure in the past, but it may be used for a better purpose in a global climate crisis
Q+A
Soil Connect Is Moving Dirt and Building Relationships
Cliff Fetner created Soil Connect so builders and developers could more easily move dirt and other aggregates from jobsite to jobsite, but it has expanded to become something much more
