Author:
William Larson (FHFA), Jessica Shui (FHFA), Morris Davis (Rutgers), Stephen Oliner (AEI)
*Updated 11/9/2020
Abstract:
Data from millions of appraisals in 2012-2019 are used to estimate residential land prices, the share of house value attributable to land, and related statistics down to the census-tract level for areas that include the vast majority of U.S. population and single-family housing. The results confirm predictions about land prices from canonical urban models. Over 2012-2019, we show that land prices rose faster than house prices in large metro areas, boosting the land share of house value, while the land share fell in smaller metros.
Note: These indices are works in progress and all data, tables, figures, and other results in this working paper are subject to change.
Attachments:
Land Prices - 2024 June
Land Prices - 2020 October
FAQs-Experimental Dataset for the Price of Residential Land
Working Paper 19-01
Updated land prices indices are available under file attachments as “Land Prices – 2024 June” and also through this blog post: https://www.fhfa.gov/blog/statistics/land-price-appreciation-during-the-covid-19-pandemic.