Characteristic of real property that saysthere is a limited supply of real estate.

Merriam-Webster Online Dictionary
scarcity (noun)
the quality or state of being - scarce , especially want of provisions for the support of life
Merriam-Webster Online Thesaurus
scarcity (noun)
a falling short of an essential or desirable amount or number
crunch, dearth, deficit, drought ( drouth), failure, famine, inadequacy, inadequateness, insufficiency, lack, lacuna, paucity, pinch, poverty, scantiness, scarceness, scarcity, shortage, undersupply, want
absence, omission; meagerness, poorness, skimpiness; necessity, need, privation
bountifulness, copiousness; excess, overabundance, oversupply, surfeit, surplus
abundance, adequacy, amplitude, opulence, plenitude, plenty, sufficiency, wealth
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