FOR IMMEDIATE RELEASE

April 1, 2024 (Chicago) — In 2023, land transactions of REALTORS® 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, according to the latest Land Market Survey from the REALTORS® Land Institute (RLI) and the National Association of REALTORS® Research Group.

The survey results show that as the land real estate market becomes more balanced post-pandemic, the need for more housing and commercial development continues to position land as an important real estate asset.

Other highlights from the 2023 survey included:

• Residential land held by households rose to $18.6T in 2023 ($17.2T in 2022).
• Residential, industrial, and recreational land posted strongest growth in sales of 1.3% to 1.4%.
• Agricultural prices have retreated from recent peaks but are well above compared to pre-COVID days.   
• Most land sold within 60 days while a notable 25% of transactions wrapped up in less than 30 days.
• Land price increases reported by REALTORS® beat their 3-month price expectations.
• The states with the largest share of land sales were California, Texas, Georgia, Florida, and Colorado accounting for 37% of land sales among REALTORS® in 2023.

“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,” said RLI 2024 National President Sam Bowers, ALC. “I hope landowners and land real estate professionals alike find value in these insights as our industry continues to advance in 2024 and beyond.”

Lawrence Yun, PhD, Chief Economist and Senior Vice President, Research for the National Association of REALTORS®, said, “Home prices reached a new high in 2023 and will likely continue their upward march. That’s because there is an 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.”    

The annual Land Market Survey is a tool for landowners and land real estate professionals in all sectors of the business to use for benchmarking and as an informational resource when conducting business. This year marks the ninth year that the survey has been conducted to reveal current trends and the ever-changing state of land markets within the industry. The REALTORS® Land Institute has made the full survey results available for free to the public on their website at rliland.com/Resources/Land-Market-Survey

About the REALTORS® Land Institute    
The REALTORS® Land Institute (RLI), The Voice of Land, defines professionalism by promoting integrity, expertise, and excellence in every aspect of land real estate. Their elite Accredited Land Consultant (ALC) Designation distinguishes the members who achieve it as the most experienced and trusted experts in the industry. Learn more about RLI at www.rliland.com.

For more information on this release or the Land Market Survey, contact RLI Marketing Manager, Kat Szymanski, at kszymanski@rliland.com.