Survey compares transaction data across 10 regions.
U.S. Map: Land Sales Regions

Sector performance has been volatile in commercial real estate, but “land demand has held on very well,” said Lawrence Yun, chief economist at the National Association of REALTORS®, during a webinar highlighting results of NAR’s 2023 Land Market Survey.

“By type of land, residential, industrial and timber land posted the strongest price growth, in line with pre-COVID performance,” said Oleh Sorokin, co-presenter and NAR data analyst for commercial real estate.

The survey analyzed 2023 transaction data in 10 U.S. regions reported by members of the REALTORS® Land Institute.

Here are the six highlights:

1. Land sales: Land sales grew 1.2%. Although this marks a slower pace compared to past performance, the data point highlights the market’s resilience.

2. Land value: As of 2023’s third quarter, the underlying value of the land of household-owned real estate totaled $18.6 trillion, up from $17.2 trillion in 2022 Q3.

3. Length of time for purchase: Land sales generally concluded within 60 days, and 25% of these transactions are wrapped up in less than 30 days.

4. Land price growth: Growth in land price per acre adjusted to a rate of 1.9% on average in 2023. By type of land, residential, industrial and timber land posted the strongest price growth of 1.9% to 2.9%. Timber and ranch land prices also have increased since the end of the pandemic.

5. Hottest markets: Regions 1, 9 and 10 had the largest increases in land sales, in the range of 2.8% to 3.7%.

6. Most expensive residential land: Region 1 had the highest prices for residential land, commanding up to $200,000 per acre.


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