Price for New Home Lots in New England Over Twice the National Median – Banker & Tradesman

Lots for new-build single-family homes reached a new record high nationwide in 2018, with prices in the five New England states sitting at more than double the national median.

Nationally, the median sale price for a single-family lot for a spec home rose 4.4 percent last year, nearly double the rate of inflation, to $49,500, according to a new analysis of U.S. Census Bureau data by the National Association of Home Builders. The biggest increase were seen in the western half of the South, defined by the NAHB as Texas, Oklahoma, Arkansas and Louisiana. The association pointed to twin upward pressures of persistent lot shortages and significant and rising regulatory costs as the culprits as homebuilding shifts to more urban and dense areas that tend to have smaller lots, higher land values and more elaborate land use regulations.

The analysis found single-family spec homes built in New England are built on some of the most expensive lots in the nation. With a median sale price of $140,000 in 2018, New England is nearly twice the next-closest region, which includes California, Oregon, Washington, Alaska and Hawaii and had a median sale price of $87,000. The next-most expensive region was Pennsylvania, New York and New Jersey, which sat at $70,000.

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Price for New Home Lots in New England Over Twice the National Median - Banker & Tradesman