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Effects Of Local Development Pressure On Land Prices: A Spatial Economic Approach

  • Jeanty, Pierre Wilner
  • Kraybill, David S.
  • Libby, Lawrence W.
  • Sohngen, Brent

We conduct a study to examine the effects of local development pressure and other factors on the value of urban-fringe land parcels. Multiple regression spatial models were estimated using parcel- level data from Delaware County, Ohio. The empirical results provide evidence that such factors as man-made and natural features are relevant in determining property values. The econometric findings indicate that local development pressure contributes profoundly to an increase in current land prices. These results shed light on the magnitude of the effects of recently developed land and provide insights into policies to preserve farmland and the associated environmental benefits.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19767.

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Date of creation: 2002
Date of revision:
Handle: RePEc:ags:aaea02:19767
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  8. Colwell, Peter F & Sirmans, C F, 1993. "A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 783-86, November.
  9. Karl Guntermann, 1997. "Residential Land Prices Prior to Development," Journal of Real Estate Research, American Real Estate Society, vol. 14(1), pages 1-18.
  10. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  11. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November.
  12. Tzu-Chin Lin & Alan W. Evans, 2000. "The Relationship between the Price of Land and Size of Plot When Plots Are Small," Land Economics, University of Wisconsin Press, vol. 76(3), pages 386-394.
  13. Elad, Renata L. & Clifton, Ivery D. & Epperson, James E., 1994. "Hedonic Estimation Applied To The Farmland Market In Georgia," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 26(02), December.
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