Land Prices Up 77% Since the Pandemic and Inventory Never Came Back, New Realtor.com® Report

New data shows land listings remain 24% below pre-pandemic levels, with build-ready lots, raw acreage, and regional markets charting starkly different paths

AUSTIN, Texas, April 21, 2026 /PRNewswire/ -- Realtor.com^® today released its first-ever analysis of land listings for sale in the United States, offering an unprecedented look at one of the most fundamental — and least examined — inputs to housing supply. The report, which draws on land listing data from June 2016 through March 2026, finds that the pandemic-era buying frenzy permanently transformed the land market: inventory has contracted 23.6% since the first quarter of 2019 and has yet to recover, while prices per acre have surged 76.6% over the same period. In the first quarter of 2026, there were 426,986 land listings for sale on Realtor.com with a median price per acre of $62,365.

"The pandemic didn't only drain home inventory, it drained land inventory, and that loss is permanent," said Joel Berner, senior economist at Realtor.com^®. "When a builder develops a parcel, that land never returns to the market. The construction boom of 2020 to 2022 burned through years of supply, and the market is still paying for it. Prices sit 77% above pre-pandemic levels, inventory has gone nowhere, and until the development pipeline catches up, neither of those things will change and future new construction could be more costly."

Key Findings

• Land listings on Realtor.com^® have contracted 23.6% nationally since 2019 Q1, a decline that has not meaningfully reversed even as existing home inventory has rebounded.
• Median prices per acre are up 76.6% since 2019 Q1, led by the Northeast (+101%) and Midwest (+89%), while Western markets have seen the softest appreciation.
• Raw land has appreciated the most of any development category — up 86.5% since 2019 Q1 — while build-ready listings have risen the least, at 53.3%.
• Land prices declined 0.5% year over year in 2026 Q1, driven largely by a sharp -5.9% drop in the West as builder activity slows and housing inventory normalizes.
• Port St. Lucie, FL and Fargo, ND-MN lead all metros in price appreciation since the pandemic, both exceeding 310% price-per-acre growth.

Land Inventory Has Not Recovered — and Here's Why

The trajectory of land listings has closely mirrored that of home listings over the past several years until recently. Before the pandemic, prices for both were steadily rising. In early 2020, inventories plummeted while prices surged. The years 2021 and 2022 saw intense, sustained price growth and inventory reduction during the ultra-low interest rate environment.

The critical divergence arrived in 2024. While for-sale home inventory began posting 20% year-over-year gains as sellers re-entered the market, land inventory made virtually no progress toward pre-pandemic counts. The explanation is structural: many land listings purchased from 2020 to 2022 became new homes in 2023 to 2025. Homes eventually return to the listing pool when put up for resale, but land that is developed is permanently converted. The post-pandemic buying frenzy put a lasting dent in the supply of land for sale across the United States.

Regional Picture: Northeast Prices Surge; West Cools

Since the first quarter of 2019, land prices per acre have grown the most in the Northeast, followed closely by the Midwest and South. The West, which entered the pandemic with the highest land prices in the country, has seen the softest appreciation and is the only region posting meaningful year-over-year price declines.

The Northeast's persistent price appreciation reflects structural constraints. Much of the region is already densely developed, and remaining undeveloped land is often subject to restrictive zoning, historic preservation laws, and environmental regulations. The pandemic-era construction boom consumed a significant share of what was available, and because that land was permanently transformed into housing, the supply base has contracted in ways that are difficult to reverse.

Western markets have taken a different path. The region experienced the steepest pullback in new residential construction activity, with single-family building permits declining faster than in any other region in 2025. Several Western states have also seen housing inventories return to or exceed pre-pandemic levels, reducing urgency among builders for land acquisition. Combined with the region's already-high starting price point, Western land prices have cooled accordingly — falling 5.9% year over year in 2026 Q1.

Raw Land Has Appreciated the Most

Realtor.com^® classifies land listings by development status: raw land (no development), partially developed lots (some clearing or utilities in place), and build-ready lots (marketed as immediately suitable to build on). Raw land has seen the steepest price gains since the pandemic, rising 86.5% per acre since 2019 Q1, compared to 53.3% for build-ready listings.

Raw land's outperformance reflects both its lower starting price point and its nature as a more speculative asset class. Unlike build-ready lots, which are ultimately capped in value by what a completed home can sell for, raw land's pricing is driven more by expectations, geography, and demand for development potential. In the current environment of softening construction activity, raw land has also led the recent pullback, declining 2.4% year over year compared to -1.1% for build-ready and +0.8% for partially developed listings.

Markets Most Impacted Since the Pandemic

Among metros with at least 500 land listings in first quarter of 2026, the Hilton Head Island-Bluffton-Port Royal, SC area has seen the steepest inventory decline compared to 2019 Q1 (-72.1%), followed by Morristown, TN (-65.7%) and Wilmington, NC (-61.2%). Notably, all ten of the hardest-hit markets are located in the eastern half of the country, where raw land is scarcer and listing stocks have not been able to be refreshed.

For price appreciation, Port St. Lucie, FL leads all markets with a 314.0% gain in price per acre since 2019 Q1, followed by Fargo, ND-MN (+311.1%) and Spearfish, SD (+286.7%). Philadelphia and Kansas City, both nationally recognized for relative affordability and strong in-migration, also rank among the top ten, with price-per-acre gains of 285.4% and 260.8%, respectively.

Land Prices Have Softened in the Past Year

Overall land prices per acre fell 0.5% from 2025 Q1 to 2026 Q1 as demand softened. The primary driver is the slowdown in new residential construction activity, which finished 2025 below 2024 levels as builders faced increased cost pressures and weak homebuyer demand. Regionally, the South (+1.3%), Northeast (+0.9%), and Midwest (+0.2%) posted modest gains, while the West declined sharply (-5.9%).

Methodology

Listing data consist of for-sale land on Realtor.com^® from June 2016 through March 2026. Year-over-year land price comparisons are made from the first quarter of 2026 against the first quarter of 2025, and all current statistics are as of the first quarter of 2026. Land listings are classified by development status using listing description keywords as well as price and size categorizations. Each listing is analyzed for words and phrases in the property description that indicate development status, with listings that lack clear signals falling back to a price-per-acre comparison against similar properties in the same county and acreage range, using percentile rank cutoffs to sort into categories. Metro-level data requires a minimum of 500 land listings to be included in rankings.

About Realtor.com®

Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp (NASDAQ:NWS, NWSA]) [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, [email protected]

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SOURCE Realtor.com