A Methodology for Constructing Vacant Land Price Indices

John Clapp ()

Real Estate Economics, 1990, vol. 18, issue 3, 274-293

Abstract: Existing estimates of movements in vacant land prices are limited to a few metropolitan areas and infrequent time intervals. This paper develops a new methodology for estimating vacant land price trends for subareas within states and metropolitan areas. It utilizes data from a sales ratio study, a large database available in most states. The methodology uses assessed value to control for “hedonic characteristics” associated with the property and its location. A model is developed to correct assessed value for measurement errors. Statistical results for forty‐one Connecticut towns indicate that the model provides a reasonable compromise between data availability and accuracy of price trend estimates.

Date: 1990
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