As we head into the spring real estate season, many of our clients are busily buying and selling properties. As the old adage goes, location, location, location. The fascinating visualization above underscores the importance of geography in median housing prices and land valuations.
Blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property.
A couple of things stand out:
- An acre of land is much more valuable in the Northeast compared to any other part of the country
- Median home prices generally high in the Northeast as well
- There’s a noticeable decline of both land and housing prices in southern and midwestern states