Across the country, the price of land occupied by single-family homes ticked up from 2012 to 2017. But despite soaring housing costs in California, the Golden State didn’t rise to the top of the list.
According to a recent report from the Joint Center for Housing Studies of Harvard University, both Nevada and Colorado actually outpaced California when it comes to the increase in land values per acre.
The finding is part of a broader look at the state of the nation’s housing market, which revealed that while the number of new households created each year has ticked back up to a healthy 1.2 million, housing construction remains weak, meaning apartments and homes remain out of reach for many people, particularly in expensive markets such as the Bay Area.
Land prices spiked by 158 percent in Nevada and 96 percent in Colorado, compared to 88 percent in California. But while the price of land here may be rising more slowly than elsewhere, it remains high overall compared to neighboring states.
Land in the Las Vegas-Henderson-Paradise metro area was just shy of $140,000 per acre in 2012 and more than $360,000 by 2017, a nearly 158 percent increase. The Reno area saw a similar 140 percent increase.