In 1975, all of the 48 contiguous states and DC had average land values below $15,000. But in 1976, starting with California and followed by other western states and some of the northeastern states, average land values began to rise above $15,000. Connecticut and California were the first states with average land values exceeding $140,000 – in 1988 and 1989, respectively. By 1999, most states had average land values in excess of $15,000, with only the central states and Alaska remaining below the $15,000 mark.
From 2000-2007, land values rapidly appreciated. Many states had average land prices greater than $140,000 in 2007. However, from 2008-2011, corresponding with the financial crisis, a drastic drop in land values across the US occurred. The sharpest price cuts were in Nevada, Arizona, and Florida. Only five states retained average land values greater than $140,000.
Since 2012, land values have recovered, but not quite to the same levels as in 2007. Land values in a handful of states (Oklahoma, Mississippi, West Virginia, and New Hampshire) remain below $15,000, despite 40 years of inflation.