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

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

Regional Science and Urban Economics, 2017, vol. 66, issue C, 224-246

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.

Keywords: Land; Housing; House prices; Housing boom and bust; Financial crisis (search for similar items in EconPapers)
JEL-codes: C55 E32 R14 R23 R31 R32 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)

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Working Paper: Residential land values in the Washington, DC metro area: New insights from big data (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:66:y:2017:i:c:p:224-246

DOI: 10.1016/j.regsciurbeco.2017.06.006

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