As more Americans look outside cities for a place to call home, prices for undeveloped land in many areas of the country are surging to new highs. “Land prices are going up everywhere,” Ali Wolf, chief economist at Meyers Research, told realtor.com®. “It’s one of the hottest commodities that exist today.”
The areas seeing raw land prices rise the most over the past year also are experiencing economic growth. And as more people leave big cities for less populated areas, the demand for open lots is skyrocketing, realtor.com® reports.
Realtor.com® evaluated the 100 largest metros in the U.S. to find where land values have increased the most since the pandemic (comparing the first half of 2020 with the first half of 2021). Researchers included surrounding towns, suburbs, and smaller urban areas when evaluating metro areas. The following areas topped realtor.com®’s list of where land prices are growing the most:
1. North Port/Sarasota, Fla.
- Average price-per-square-foot increase: 92%
- Median price per square foot for land: $2.52
2. Portland, Ore.
- Average price-per-square-foot increase: 72%
- Median price per square foot for land: $9.17
3. Los Angeles
- Average price-per-square-foot increase: 67%
- Median price per square foot for land: $1.38
4. Boise City, Idaho
- Average price-per-square-foot increase: 52%
- Median price per square foot for land: $3.06
5. Raleigh, N.C.
- Average price-per-square-foot increase: 50%
- Median price per square foot for land: $1.71
6. Syracuse, N.Y.
- Average price-per-square-foot increase: 50%
- Median price per square foot for land: $0.40
7. Spokane, Wash.
- Average price-per-square-foot increase: 47%
- Median price per square foot for land: $0.43
Source: “Land Grab! The New Hot Spots Luring Home Developers and Buyers,” realtor.com® (July 12, 2021)
