Counterintuitively, no. People by and large are buying a token for a build site. Look at any zoning area for SFH and a massive portion buy the least acreage they have to.
By creating far more tokens the price spirals down, even though utility rises. The utility of land actually has a pretty weak link to its price.
Take at the extreme of housing fitting into a pinpoint. No one even needs to buy your land even though it now has infinite housing utility -- even though essential it is abundant so it becomes cheap like water.