Land Inventory Trends Show a 24% Drop in Buildable Land US

Land inventory trends show a 24% drop in US buildable land since the pandemic, with sharp price gains, especially for raw land listings.

April 22, 2026

Valerija I.

Land inventory in the US has declined 23.6% since early 2019, while median price per acre rose 76.6%.
Raw land prices surged 86.5% over the same period, outpacing build-ready sites at 53%.
The Northeast saw the highest price growth, while the West posted the weakest gains and even regional price declines last year.
Recent land prices have softened as residential construction activity slowed.

Key Takeaways

Land Inventory Continues to Shrink

US land inventory has dropped sharply since the pandemic, with listings falling nearly 24% since 2019, according to a new Realtor.com report. Unlike home listings, which have rebounded in recent years, land inventory remains constrained, reflecting lasting impacts from the 2020-22 construction boom.

During the ultralow interest rate period, developers rapidly acquired parcels for new housing, drawing down the available supply of buildable land. As these lots were developed into homes, the inventory of land listings has not recovered, placing upward pressure on prices. As of Q1 2026, there were 426,986 land listings on Realtor.com, with a median price per acre of $62,365.

Land listings fell from roughly 600K in 2016–2019 to about 427K by early 2026, while median price per acre rose from around $33K to over $62K, highlighting shrinking inventory and rising land values since the pandemic.

Regional Price Variations and Factors

Land inventory trends reveal wide regional disparities. The Northeast experienced the largest increase in price per acre—up 101% since 2019—driven by longstanding structural scarcity and development constraints. The Midwest (up 89%) and South (up 85%) also saw notable appreciation due to sustained demand and limited new supply in some metros.

The West, however, posted the weakest price growth and was the only region to report a year-over-year drop in 2026 (-5.9%). As builder activity softened and home inventories rebounded in western states, demand for new land eased and price growth stalled. This cooling trend aligns with broader signs of slowing market activity across the country, as shifting demand and economic uncertainty continue to weigh on real estate momentum.

Year-over-year trends show home inventory rebounding strongly after 2022, reaching gains above 20%, while land inventory growth remains weaker and trends back toward flat by 2026, underscoring a slower recovery in land supply.

Raw Land Outpaces Build-Ready Lots

Raw land has been the fastest-appreciating segment, with an 86.5% increase in median price per acre since 2019. Build-ready sites, constrained by the future sale price of homes built on them, gained 53% in the same period.

The greater jump in raw land values was partly due to its lower starting price and speculative potential during the buying frenzy. Many of the metros with the biggest land price increases since 2019 are located in the Midwest, South, and select Western markets.

Breakdown of land listings by development stage shows build-ready and partially developed parcels declining sharply after 2020, while raw land listings remain relatively stable, indicating stronger demand for shovel-ready sites.

Outlook for Land Market

While overall land prices dipped slightly (down 0.5% in the past year), scarcity is expected to persist, keeping market pressure high in regions with little available land. The permanent loss of buildable land to development means future new construction could face increased cost hurdles.

Land inventory trends highlight the challenge for builders and investors as structural constraints and post-pandemic shifts continue to shape land availability and pricing across the country.