A new Realtor.com analysis shows the buying frenzy that swept through housing also quietly consumed the nation’s land supply.

Raw land prices surged ahead of build-ready and semideveloped lots since 2019. The market is now cooling.

Buying raw land is a risky prospect to lenders, so they often compensate by charging higher interest rates and requiring higher down payments. In fact, you may need to put down 50% or more if the ...