Surpluses in Disequilibrium Urban Land Markets

Curtis C. Harris and Virginia McConnell

Real Estate Economics, 1987, vol. 15, issue 4, 359-373

Abstract: It is unlikely that urban land markets are in equilibrium. If land markets are out of equilibrium, zones within an urban area would have residential location surpluses. This paper shows how to derive and estimate an index of income surplus by residential zone. The procedure is applied to the Baltimore Metropolitan Area for 1978. Households should be at attracted to zones with high surpluses. A comparison of the estimated location surpluses and growth rates for the Baltimore area show this correspondence.

Date: 1987
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