Construction cost is hugely influential right now, though net of that, implied lot prices also continue to rise. Perhaps there is a demand effect as institutional owners transfer owned properties to the rental market. We ourselves have taken a few places off the market for vacation locations. There is the Georgist idea that land locations rise in value along with adjacency to public infrastructure additions, but that's irrelevant here. There are three appraisal methods, sales comp, income, replacement. Of these, sales seems to dominate, income irrelevant, replacement somewhat. It's a great puzzle.