Single-family home lot prices have set a new record. Half of lots in 2015 were priced at or above $45,000, according to Census Bureau’s Survey on Construction data. This marks the highest median lot value on record, topping 2006’s previous record of $43,000. Read more: Lot Sizes Are the Smallest on Record The previous record was set during the housing boom, when the U.S. saw twice as many single-family home starts, the National Association of Home Builders notes. “Given that nation’s lots are getting smaller and home production is still significantly below the historically normal levels, it might seem surprising that lots are becoming more expensive,” NAHB notes. “However, the rising lot values are consistent with record lot shortages that NAHB reported in May of this year. They are also consistent with significant and rising regulatory costs that ultimately increase development costs and boost lot values.” NAHB also speculates that home building could have shifted toward more urban, dense areas, where land values are usually higher, which also could partially explain the increase in the average prices. Buyers can expect to pay some of the highest costs for lots in the Middle Atlantic region (which includes New York and Pennsylvania). Half of the lots there are priced above $80,000, making it the priciest in the country in terms of per acre costs, NAHB notes. However, lots in New England have some of the priciest lots in the country. Half of all sold single-family homes started in New England in 2015 had lot values that were over $120,000, NAHB reports. “New England is known for strict local zoning regulations that often require very low densities,” NAHB notes on its blog, Eye on Housing. “Therefore, it is not surprising that typical single-family spec homes started in New England are built on some of the largest and most expensive lots in the nation.” Lot values posted a significant jump in the West South Central (including Texas, Oklahoma, Arkansas, and Louisiana), which saw lot values reach new records in 2015 in its region. In the housing boom years, half the lots were priced under $30,000 there. Now, lot values in the region are at the $45,000 mark. Here’s a closer look at median lot prices of new single-family spec homes started in 2015, according to NAHB’s analysis of the data: New England: $120,000 Middle Atlantic: $80,000 Pacific: $58,200 Mountain: $58,000 West South Central: $45,000 West North Central: $40,000 East South Central: $35,000 South Atlantic: $35,000

Source: National Association of Home Builders Eye on Housing Blog