Aug 02

Buyers Want More Land

Buyers Want More Land

Buyers Want More Land

Buyers Want More Land

A high demand for land is driving up prices in the luxury market. Median list prices for prime lots in the nation’s top luxury markets climbed 8.7 percent in the first half of the year compared to a year ago, realtor.com®’s data shows.

The South saw the highest increases compared to any other region. The median list price in the South rose 13.33 percent in the past year.

Robert Dietz, chief economist of the National Association of Home Builders, told The Wall Street Journal that the housing crisis in 2007 is what contributed to most of the current shortage. Builders couldn’t get funding from banks at the time and that stopped or slowed the pace of developing land for future construction, Dietz says.

The data shows that the median list price for a lot in a high-end neighborhood is $635,000 nationwide. The largest increases in median land prices in luxury markets has occurred in Beverly Hills, Calif.; Southampton, N.Y.; Chicago, and downtown neighborhoods in Miami.

Source: “Land Scarce for Luxury Homes,” The Wall Street Journal (July 27, 2016)

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