Demand for land reaches new heights in 2023

A recent survey by John Burns Research and Consulting reveals that interest in developable land has soared, with the market for such land being the most robust it’s been since early 2022. The surge in demand is attributed to the tight existing home market, prompting builders to seek land for new developments. Regionally, the Northeast leads in the land rush, with high demand due to limited supply near job centers. In contrast, areas like Texas, Florida, and most of the Midwest have seen a cooling trend.

With the existing home inventory remaining tight, builders are capitalizing on the moment. Real estate agents, after witnessing clients lose in bidding wars, are increasingly directing them towards new construction.