Zillow Group Inc. reported that more than 300,000 vacant residential lots are listed for sale across the U.S., representing enough land to reduce the nation's 4.7 million home shortage by 6.3% if one home were built on each lot. The company found 300,242 vacant lots of 5 acres or less listed in June, accounting for 17.4% of all homes and land listings on Zillow. Florida led with 42,601 lots, followed by Texas with 40,907, California with 18,508, North Carolina with 14,226, and Georgia with 10,341. Zillow senior economist Kara Ng called the lots the lowest-hanging fruit in addressing the two-decade-old housing deficit but stressed that loosening zoning rules, streamlining permitting, and expanding financing are needed to make building feasible. The report noted that rural markets held the largest share of vacant lot listings at 25.3%, and the typical lot size of 0.57 acres could often support more than one home, making the 6.3% reduction estimate conservative.
Zillow Group Inc Class CZillow's own report highlights a large inventory of vacant lots, which could drive demand for its listing services as builders and buyers seek land.