Residential land values in the Washington, DC metro area: New insights from big data

Morris A. Davis, Stephen D. Oliner, Edward J. Pinto, Sankar Bokka

Research output: Contribution to journalArticlepeer-review

17 Scopus citations

Abstract

We use a new property-level data set and an innovative methodology to estimate the price of land from 2000 to 2013 for nearly the universe of detached single-family homes in the Washington, DC metro area and to characterize the boom-bust cycle in land and house prices at a fine geography. The results show that land prices were more volatile than house prices everywhere, but especially so in the areas where land was inexpensive in 2000. We demonstrate that the change in the land share of house value during the boom was a significant predictor of the decline in house prices during the bust, highlighting the value of focusing on land in assessing house-price risk.

Original languageEnglish (US)
Pages (from-to)224-246
Number of pages23
JournalRegional Science and Urban Economics
Volume66
DOIs
StatePublished - Sep 2017

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Urban Studies

Keywords

  • Financial crisis
  • House prices
  • Housing
  • Housing boom and bust
  • Land

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