Lot values on the rise
Rising land values are a major reason why new construction costs are increasing. That’s especially apparent here in New England‚ home to the country’s priciest lots.1 Take a look at these numbers from the National Association of Home Builders:
- The median lot price in New England is $140‚000‚ dwarfing the national average of $49‚500.
- Local zoning laws and low-density building requirements are the reasons for the high cost of housing lots.
- The Pacific region has the smallest lots but the second most expensive at $87‚000. Lots in the East South Central region are the most affordable at $38‚000.
I hope you find this information to be helpful.
1Nastalia Siniavskaia‚ “Lot values hit record highs‚” Eye on Housing Blog‚ last updated November 11‚ 2019.