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Key Findings
Land sales rose 1.2% in 2023, moderating from the previous years
- In 2023, land transactions of REALTORS® survey findings indicated a growth of 1.2% in land sales.
- Although this marks a slower pace compared to past performance, it highlights the market's resilience and ongoing potential for expansion amidst challenging conditions.
Land value rose to 18.6 trillion, up from 17.2 trillion a year ago
- As of 2023 Q3, the underlying value of the land of real estate owned by households totaled $18.6 trillion, up from $17.2 trillion in 2022 Q3
- According to NAR’s estimate, the land value accounts for 41% of household real estate assets based on Federal Reserve Board data on household real estate and the cost of structures.
Most land is purchased in under 60 days
- Land sales generally conclude within a 60-day period, while a notable 25% of these transactions are wrapped up in less than 30 days.
- Particularly in regions 1, 2, 3, 7, 9 and 10, the market moves even faster, with most sales closing in under 45 days.
