How much does an acre of land go for in your area?

[Dargo]

I know this has been discussed before in the past, but I'm wondering now what an average, nationally, acre of land would set a person back. I have a friend who lives in what would be considered swamp land in southern Louisiana and he laughed and told me that they have frequently gotten $1500 for the literal acre of swamp land. I just looked at 95 acres about 3 miles north of my house and they were holding at 1.3 million firm. It's nice with a 16 acre lake on it, but it's just undeveloped land. It probably has some timber on it that can be sold, but someone buying it may just like the privacy afforded by the trees.

We used to have old strip mine property that sold relatively cheap, under a grand an acre, but not anymore. An investment group bought up a bunch of that land and turned it into this Victoria National Golf Club - A Destination. Warrick County's Victoria National Golf Club sold to Florida investment group - Indiana Economic Digest - Indiana Now I'm not so sure you can get an acre around that area for under $500k! I drove through that area going to a party and saw hundreds of these million dollar plus homes and had to wonder where all these people worked since the average family income in my area is just over $41k per year.

 

[beppington]

Huge range in our county. I bought my 60-acre mostly below the 100-year flood plain $1,800/ acre. "Sucker bought swamp land"?

Look in toward town just a few miles, at above-flood plain land, & that figure can go to $20K-$30/ acre. A typical neighborhood lot on the city fringe would be in the $50K-$100K range.

Of course, all of these figures all prob falling right now with the economy.

 

[beppington]

... I just looked at 95 acres about 3 miles north of my house and they were holding at 1.3 million firm. It's nice with a 16 acre lake on it, but it's just undeveloped land. It probably has some timber on it that can be sold, but someone buying it may just like the privacy afforded by the trees.

As they say, "Askin' an gittin' are 2 different things."

But that's about $13,700/ acre ... which could be in line with our pricing, depending on the distance to "town", but especially with a lake.

Of course, "holding firm" may also mean the seller doesn't need the money at all, or hasn't been watching the news lately, etc.

 

[dixstir]

farm land-- just across the road 160 went for @6000.00 poor ground about 12 miles a guy bought 192 acres@7200.00 per acre heard a fertlizer bought a chunk 50 acres @ 10.0000 along side of a railroad line rent is also high about 400@acre (southern mn)

 

[KB9UDE]

farm land-- just across the road 160 went for @6000.00 poor ground about 12 miles a guy bought 192 acres@7200.00 per acre heard a fertlizer bought a chunk 50 acres @ 10.0000 along side of a railroad line rent is also high about 400@acre (southern mn)

In central IL its about the same. Depends on the soil type and location.

 

[MarkV]

Where I am in NW Georgia it is all about location and size of the acreage. Seven years ago we had 125 acres appraised at $10K per acre based on location. Lesser locations were going in $5-6K per acre range at the time. Today I think you could cut that in half if you could find a buyer.

MarkV

 

[scgargoyle]

Here in the dense suburbs of west central FL, an acre would probably set you back $200K- if you could find an acre. That's half of what it would have been 4-5 years ago. Where our property is in upstate SC, we paid $10K/acre 15 miles out of town. Closer in; much higher. Further out; maybe half that. I know there are some 'fancy' 2 acre lots asking $350K in an exclusive subdivision.

 

[ultrarunner]

$250,000 was the average selling price of the past...

Now, it more like $75k

The 3.8 acres of raw, unimproved land next to me sold for 950k in 2005

I've been told the owner will take $300k cash for it... the property taxes were running 15k a year!

 

[RoMad]

A few years ago at the top of the market a friend of mine bought 5 acres not far from me for 105k and was thrilled to get it. It is a nice lot that had nothing on it but trees.
Fast forward to now and my BIL bought 5 acres from the bank about 1 mile from my friend. It came with an old single wide, a pretty new well, a crappy but usable 12 x 14 shed. He got it for 36K.

 

[sjerden]

I bought 8 acres with a house and 100yr old farm in 1982 for $28,000. The house was appraised at that time at around $14,000, so that makes $2,000 an acre for the other 7. Because I remodeld and existing house an didn't build new, my taxes are $1,000 a year - My place is appraised at $150,000 today.

The very next year (81-82) Fred Miller bought the 160 acres across from me for around $1,400 an acre.

Mennonites from Pennsylvania bought it off of him about 5 years ago. Don't know what they paid for it. Two of them bought 80 acres each from Mr. Miller. We figured they were getting $10,000 to $20,000 an acre in Pennsylvania. They could buy a lot of acres here for what they got in "Penn". They told me the urban sprawl back east caused them to look elsewhere for land.

I think now-a-days that 160 acres will bring from $4,000 to $6,000 an acre. I'm in Southern Illinois. We don't notice the recession here, its always been depressed.