The purpose of this study is to develop the theoretical land price model based on the statistical background that land price data conform the lognormal distribution. The factors determining land prices are separated into two categories. These categories are the macro factors, which influence the time-series changes in land prices, and the micro factors, which influence the spatial gaps of land prices. These time and spatial factors are not considered in the hedonic price analysis or other land price analysis. However, it is important to develop the land price model theoretically in consideration of these two categories in order to evaluate micro factors properly at time-series. This study shows the theoretical expansion for the development of the land price model.