Nationwide Median Lot Sizes Just Under 1/5 Acre
The NAHB’s Eye on Housing says that median lot sizes remained low in 2020. According to their data, the median lot size of a new single-family detached home sold in 2020 is 8,306 square feet, or just under one-fifth of an acre. They point out that this is slightly larger but statistically not different from the lowest on record median of 8,177 square feet – which was set one year ago. Interestingly, the share of smaller lots, under 0.16 acres, is now record high at 39%.
“The fact that lots remained in the record low territory during the pandemic-triggered suburban flight is somewhat unexpected. The 2021 lot size data – to be released next year – should provide more conclusive evidence on whether the pandemic-induced shifts in preferences towards more spacious living are wide-spread and reflected in larger new home lots.”