Home Lot Sizes Shrink to New Low
National Association of Home Builders article by Daily Real Estate News | October 5, 2017
Lot sizes on new single-family homes have reached a new record low. New homes sold in 2016 had a median lot size of 8,562 square feet, or slightly under one-fifth of an acre.
The median lot size fell to under 8,600 square feet in 2015, according to the Census Bureau’s Survey of Construction data. Lot sizes have continued to shrink since then.
Location plays a big role. For example, the median lot size in the New England region is nearly twice as large as the national median, exceeding a third of an acre.
“New England is known for its strict local zoning regulations that often require very low densities,” the National Association of Home Builders notes on its Eye on Housing blog. “Therefore, it is not surprising that more than half of single-family spec homes started in New England are built on some of the largest lots in the nation, with more than half of the lots exceeding a third of an acre.”
On the other hand, the Pacific region—where densities are often high and developed land is more scarce—has the smallest lots. Half of the lots in the region are under 0.15 acres.
Source: “Lot Size Is at a Record Low,” National Association of Home Builders’ Eye on Housing blog (Oct. 3, 2017); REALTOR® Magazine Online, Daily Real Estate News 100317
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