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A Methodology for Constructing Vacant Land Price Indices


  • John M. Clapp


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. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • John M. Clapp, 1990. "A Methodology for Constructing Vacant Land Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 274-293.
  • Handle: RePEc:bla:reesec:v:18:y:1990:i:3:p:274-293

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    Cited by:

    1. GLUMAC Brano & HERRERA-GOMEZ Marcos & LICHERON Julien, 2018. "A residential land price index for Luxembourg: Dealing with the spatial dimension," LISER Working Paper Series 2018-07, LISER.
    2. Yan Li & AHongling Guo & Yaowu Wang & Feng Wang & Zheren Wang, 2009. "Information Systems-based Real Estate Macrocontrol Systems," International Real Estate Review, Asian Real Estate Society, vol. 12(2), pages 171-192.
    3. Bourassa, Steven C. & Hoesli, Martin & Scognamiglio, Donato & Zhang, Sumei, 2011. "Land leverage and house prices," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 134-144, March.
    4. ÜNsal ÖZdilek, 2011. "Land Value: Seven Major Questions in the Analysis of Urban Land Values," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(1), pages 30-49, January.

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