Lot Values Decline for the First Time Since 2013

Analysis of the U.S. Census Bureau’s Survey of Construction (SOC) data, by the NAHB, reveals that the median single-family lot price declined in 2019, ending a climb that started in 2013. The median lot prices were $ 45,000, which is a drop of 9% since 2018, when half of the lots were selling at $49,500. According to the report lot values are now down to 2015-2016 levels. When adjusted for inflation, lot values are comparable to 2014 when half of lots were going for over $42,000, which is equivalent to current prices when converted in 2019 dollars. Running contrary to decline, were the Census Bureau’s West Divisions – Mountain and Pacific – where lot values continue to accelerate rapidly. With the Pacific setting a new record high with half the lots priced above $ 95,000.