Lot Sizes Down to the Smallest on Record
Lot Sizes Down to the Smallest on Record
New homes are being built on smaller lots. The median lot size for single-family homes that sold in 2019 dropped to 0.188 of an acre (or 8,177 square feet)—the smallest on record, according to Census Bureau data recently analyzed by the National Association of Home Builders.
Regional differences persist. For example, the median lot size in New England is three times as large as the national median. “New England is known for strict local zoning regulations that often require very low densities,” says Natalia Siniavskaia, assistant vice president for housing policy research at the NAHB, on the association’s Eye on Housing blog. “Therefore, it is not surprising that single-family detached spec homes started in New England are built on some of the largest lots in the nation, with more than half of the lots exceeding half an acre.”
Meanwhile, the Pacific region—which includes California and Washington—tends to have higher densities, and developed land is scarce. Lots in that area tend to be the smallest in the U.S., with half of the lots smaller than 0.15 acres.
The analysis is limited to single-family detached speculatively built homes. Custom homes built on the owner’s land tend to be on larger lots. The median lot size for custom single-family detached homes started in 2019 is about 1 acre.
Source:
©National Association of REALTORS®
Reprinted with permission
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