The Land Market Survey is a research collaboration of the REALTORS® Land Institute (RLI) and the National Association of REALTORS® (NAR) that started in 2014. The objective of this survey is to gather data and insights about land transactions among land real estate professionals that can be used as a benchmarking tool and resource in conducting land business.

1. 2023 LAND
MARKET SURVEY
REALTORS® Land Institute
National Association of REALTORS ®
Released March 2024

2. A Message from the RLI President
“I am proud to share with the industry at large the
REALTORS® Land Institute’s 2023 Land Market Survey.
Land continues to be an important asset even as we return to a
more balanced market. Growth in land sales and prices are in
line or exceeding the expectations of REALTORS ® which is an
encouraging sign for our future.
I hope landowners and land real estate professionals alike find
value in these insights as our industry continues to advance in
2024 and beyond.”
Sam Bowers, ALC
2024 RLI National President

3. NAR Chief Economist’s Perspective
“Home prices reached a new high in 2023 and will likely
continue their upward march. That’s because there is immense
housing shortage. Homebuilders have been selling more
homes and REALTORS® need more inventory. More land is
required to turn into lots and development. Moreover, there
has been a population shift away from major city centers
towards suburbs, exurbs, and rural areas, which necessitates
more housing and commercial real estate spaces into
expanding areas. Agricultural prices have retreated from recent
peaks but are well above compared to pre-covid days.
Farmland demand should remain strong, especially with ever
increasing geopolitical uncertainty.”
Dr. Lawrence Yun
Chief Economist and SVP of Research, National Association
of REALTORS®

4. About the Report
Objective
The REALTORS® Land Market Survey is a collaboration of the
REALTORS® Land Institute (RLI) and the National Association
of REALTORS ® (NAR) that started in 2014. The objective of
this survey is to gather information and insights about the
state of the land market based on land transactions of land
real estate professionals who are members of NAR and RLI.
The information is intended to be a valuable resource for
market intelligence and policy advocacy.
Survey Method
To increase the number of responses REALTORS® Land Institute (RLI) and the National Association of
REALTORS® (NAR) independently sent The REALTORS ® Land Market Survey to 4600 RLI members and
prospects in September 2023. The possibility of duplicate responses is eliminated by the software tracking IPs of
participants.
There were 450 responses, of which 68% reported a land sale in the last 12 month with the margin of error 4.1% at
95% confidence level. Thus, estimates such as the year-over-year percent change in sales and prices are the
average of the monthly or quarterly figures reported by the respondents.
The REALTORS® Land Institute defines a
land transaction as one in which the value
of the land is at least 51% of the value of
the transaction.
What is a Land Transaction?

5. ECONOMIC
ENVIRONMENT

6. High interest rates increased borrowing costs.

7. Still high inflation increased construction costs and
shook investors’ confidence.

8. Historically low number of homes for sale
4,105,000
6,128,000
4,098,000
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Existing Home Sales
-12.9%
18.2%
0.9%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Y/Y Percent Change in Median
Existing Home Sales Price
Source of data: NAR estimated from the Federal Reserve Board Financial
Accounts (total real estate less replacement cost)

9. Residential land held by households rose to $18.6T in 2023
($17.2T in 2022) Land is 41% of the total value of household real estate assets
Source of data: NAR estimated from the Federal Reserve Board Financial
Accounts (total real estate less replacement cost)
0%
10%
20%
30%
40%
50%
60%
0
5000
10000
15000
20000
25000
2000
-
Q1
2000
-
Q3
2001
-
Q1
2001
-
Q3
2002
-
Q1
2002
-
Q3
2003
-
Q1
2003
-
Q3
2004
-
Q1
2004
-
Q3
2005
-
Q1
2005
-
Q3
2006
-
Q1
2006
-
Q3
2007
-
Q1
2007
-
Q3
2008
-
Q1
2008
-
Q3
2009
-
Q1
2009
-
Q3
2010
-
Q1
2010
-
Q3
2011
-
Q1
2011
-
Q3
2012
-
Q1
2012
-
Q3
2013
-
Q1
2013
-
Q3
2014
-
Q1
2014
-
Q3
2015
-
Q1
2015
-
Q3
2016
-
Q1
2016
-
Q3
2017
-
Q1
2017
-
Q3
2018
-
Q1
2018
-
Q3
2019
-
Q1
2019
-
Q3
2020
-
Q1
2020
-
Q3
2021
-
Q1
2021
-
Q3
2022
-
Q1
2022
-
Q3
2023
-
Q1
2023
-
Q3
TOTAL VALUE OF LAND HELD BY HOUSEHOLDS (IN BILLION
DOLLARS) AND PERCENT SHARE OF LAND VALUE TO HOUSEHOLD
REAL ESTATE ASSETS
land cost land cost/real estate value

10. Home Price Appreciation since Covid Arrival
(% change from 2020 Q1 to 2023 Q4)
Source: NAR Analysis of FHFA Home Price Index

11. $0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Not Wealth Gain but a Testament of Housing
Shortage
Average Price of Mobile Homes: Double-sized and Single-sized
Big Price Gain of 58% from pre-pandemic 2019
Source: Census

12. Inventory of Existing Homes Falling
Inventory of New Homes Rising
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2011 -
Jan
2012 -
Jan
2013 -
Jan
2014 -
Jan
2015 -
Jan
2016 -
Jan
2017 -
Jan
2018 -
Jan
2019 -
Jan
2020 -
Jan
2021 -
Jan
2022 -
Jan
2023 -
Jan
2024 -
Jan
Source: NAR

13. Single-Family Housing Starts
Trying to return to normal after a decade of underproduction
Source: NAR forecast and HUD

14. Source: Federal Reserve
0
500
1000
1500
2000
2500
2017 -
Jan
2018 -
Jan
2019 -
Jan
2020 -
Jan
2021 -
Jan
2022 -
Jan
2023 -
Jan
2024 -
Jan
$ billion
Fed Rate Hikes Have Hurt Community Banks ...
Commercial Real Estate Loans by Small Banks > Top 25
Large Banks

15. Long-term Interest Rates to Fall?
1. Rents will calm down further ... Holds down CPI ...
and make the Fed cut interest rates
2. Community banks are suffering from high
interest rates
3. Spread with benchmark 10-year Treasury is
abnormally high

16. Total Payroll Jobs
5.5 million more compared to pre-Covid highs
Source: BLS
100000
110000
120000
130000
140000
150000
160000
170000
2020
-
Jan
2020
-
Feb
2020
-
Mar
2020
-
Apr
2020
-
May
2020
-
Jun
2020
-
Jul
2020
-
Aug
2020
-
Sep
2020
-
Oct
2020
-
Nov
2020
-
Dec
2021
-
Jan
2021
-
Feb
2021
-
Mar
2021
-
Apr
2021
-
May
2021
-
Jun
2021
-
Jul
2021
-
Aug
2021
-
Sep
2021
-
Oct
2021
-
Nov
2021
-
Dec
2022
-
Jan
2022
-
Feb
2022
-
Mar
2022
-
Apr
2022
-
May
2022
-
Jun
2022
-
Jul
2022
-
Aug
2022
-
Sep
2022
-
Oct
2022
-
Nov
2022
-
Dec
2023
-
Jan
2023
-
Feb
2023
-
Mar
2023
-
Apr
2023
-
May
2023
-
Jun
2023
-
Jul
2023
-
Aug
2023
-
Sep
2023
-
Oct
2023
-
Nov
2023
-
Dec
2024
-
Jan
2024
-
Feb
In thousands

17. Job Gains Since Pre-COVID Record High Payroll
Employment
(% change from March 2020 to January 2024)
Source: NAR Analysis of BLS data

18. Annual Economic Growth (GDP) ... Suggest More
Future Jobs
Source: BEA
-10
-8
-6
-4
-2
0
2
4
6
8
10
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Seasonally adjusted annualized sale pace

19. 2023 LAND MARKET
SURVEY RESULTS

20. REALTORS® Land Institute Regions

21. Distribution of RLI/NAR Respondents Who Reported a
Land Sale in 2023
302 respondents reported a land sale in 2023

22. Land Returns to Balanced Market After COVID Highs
4.1%
1.7%
2.0%
3.5%
2.0%
2.2%
2.6%
4.8%
1.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Year over-year percent change in dollar land sales

23. Residential, Industrial, and Recreational Land Sales Posted
Strongest Growth of 1.3% to 1.4%
Residential Industrial Recreational Agri., irrigated Agri.,non-irrigated Ranch Commercial Timber
2018 4.0% 2.0% 3.0% 1.0% 1.0% 2.0% 3.0% 1.0%
2019 3.0% 2.0% 3.0% 2.0% 1.0% 2.0% 2.0% 2.0%
2020 6.0% 4.0% 3.0% 1.0% 2.0% 3.0% 1.0% 0.0%
2021 7.0% 5.0% 5.0% 4.0% 4.0% 4.0% 3.0% 2.0%
2022
2023 1.4% 1.4% 1.3% 1.0% 0.8% 0.8% 1.0% 1.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
AVERAGE PERCENT CHANGE IN LAND SALES OF REALTORS®
2018 2019 2020 2021 2022 2023

24. All Land Categories Show Price Gains of 1.3% or More
Residential Industrial Recreational Agri., irrigated Agri.,non-irrigated Ranch Commercial Timber
2018 5.0% 3.0% 2.0% 1.0% 2.0% 0.0% 4.0% 1.0%
2019 3.0% 3.0% 2.0% 2.0% 2.0% 1.0% 4.0% 1.0%
2020 7.0% 3.0% 4.0% 2.0% 3.0% 1.0% 0.0% 1.0%
2021 10.0% 8.0% 8.0% 7.0% 6.0% 6.0% 6.0% 5.0%
2022
2023 2.9% 2.3% 1.8% 1.6% 1.3% 1.6% 1.8% 1.9%
2.9%
2.3%
1.8% 1.6%
1.3%
1.6% 1.8% 1.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
AVERAGE PERCENT CHANGE IN LAND PRICES
2018 2019 2020 2021 2022 2023

25. Land Sales Growth of REALTORS® Mostly in line
with 3-Month Sales Expectations

26. Land Price Increases Reported by REALTORS® Beat
3-Month Price Expectations

27. Regions 2, 5, 7, 10
50% of land sales among REALTORS® in 2023

28. Top Land Markets in 2023: CA, TX, GA, FL, CO
37% of land sales among REALTORS® in 2023

29. Most Land Sales Were Agricultural

30. Residential Land Typically Sold in 60 Days
30-45 days in Regions 1, 2, 3, 10

31. Region 1: Most Expensive Residential Lands
Around $200,000/acre

32. 52% of REALTORS® Report Difficult Zoning Regulations in
Past 5 Years

33. Region 1 (CT, MA, ME, NH, NY, RI, VT)
Percent Change in Land Sales by Land Type

34. Region 2 (DE, MD, MI, NJ, OH, PA, WV)
Percent Change in Land Sales by Land Type

35. Region 3 (MN, ND, SD, WI)
Percent Change in Land Sales by Land Type

36. Region 4 (ID, MT, OR, WA)
Percent Change in Land Sales by Land Type

37. Region 5 (CA, NV)
Percent Change in Land Sales by Land Type

38. Region 6 (AZ, CO, NM, UT, WY)
Percent Change in Land Sales by Land Type

39. Region 7 (IA, IL, IN, KS, MO, NE)
Percent Change in Land Sales by Land Type

40. Region 8 (OK, TX)
Percent Change in Land Sales by Land Type

41. Region 9 (AL, AR, KY, LA, MS, TN)
Percent Change in Land Sales by Land Type

42. Region 10 (FL, GA, NC, SC, VA)
Percent Change in Land Sales by Land Type

43. SUMMARY

44. Summary
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.

45. Summary (continued)
Land price growth adjusted to 1.9%.
Land price per acre growth 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% which is in line with pre-covid
performance. Remarkably, timber and ranch land prices grew more than before the pandemic.
Regions 1, 9 and 10 were the hottest markets.
Regions 1, 9, and 10 were the markets with the highest increase in land sales in the range of 2.8% to 3.7%.
Also, the biggest land market was Region 10 (14% of land sales), followed by Region 7 (13%).
By state, the states with the largest share of land sales were California (12%), Texas (7%), Georgia (7%), Florida
(5%), and Colorado (5%), accounting for over the third of all land transactions nationwide.
By type of land, most popular sold lands were agricultural (32%), residential (24%) and recreational (17%).
Region 1 has the most expensive residential lands.
Unsurprisingly, Region 1 boasted the highest prices for residential land, commanding up to $200,000 per
acre, underscoring its premium market position. Conversely, Region 2 presented the most economical
choices, with land available at $2,000 per acre.

46. 2023 Land Market
Survey Report
REALTORS® Land Institute
Aubrie Kobernus, MBA, RCE, Chief
Executive Officer
Kat Szymanski, Marketing Manager
National Association of
REALTORS® Research Group
Lawrence Yun, Ph.D. Senior Vice
President & Chief Economist
Oleh Sorokin, Data Analyst, Commercial
Real Estate
Meredith Dunn, Research Manager

47. The REALTORS® Land Institute, “The Voice of Land,” defines professionalism by promoting integrity,
expertise, and excellence in every aspect of land real estate.
The NATIONAL ASSOCIATION of REALTORS®, “The Voice for Real Estate,” is America’s largest trade
association, representing over 1.5 million members, including NAR’s institutes, societies, and councils,
involved in all aspects of the real estate industry.
The NATIONAL ASSOCIATION of REALTORS® Research Group collects and disseminates timely,
accurate, and comprehensive real estate data and to conduct economic analysis to inform and engage
members, consumers, policy makers, and the media in a professional and accessible manner.
REALTORS® Land Institute
430 N. Michigan Avenue
Chicago, IL 60611
Phone: 800-441-LAND (5263)
http://www.rliland.com/
NATIONAL ASSOCIATION of REALTORS®
500 New Jersey Avenue, NW
Washington, DC 20001
Phone: 202-383-1000
https://www.nar.realtor/