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.

 

[beppington]

My buddy just bought the vacant 4 acres next to him for $137,000 from the owner who bought it in 2006 for $170,000. Previous owner also had a well installed, & put in two fancy pants metal gates.

Minus about $38,000 in 5 years

I'm glad he's not my financial adviser! :thumbsup:

Of course, that's "only" a -21.7% return. Apparently there are worse financial scenarios going on.

 

[KTurner]

We're zoned rural residential in south east VA. The most recent land sale on my street was about a year ago. 1.9 acres for $170k, just empty land. There's a 3.2 acre lot at the end of the street. It's waterfront (salt water), but it's right beside a small public boat ramp - probably part of the reason it hasn't sold. They're asking $800k and it's been on the market for probably two years. A quick spot check of a few nearby properties shows che county seems to be assessing land at about $90k/acre +/- for 1-2 acre lots.

Keith

 

[clemsonfor]

Here in my state you can still have land with small trees on it for $2000 or less an acre. If you buy it freshly cut weather planted or not it will routinely sell for less tan $1500 acre maybe less than $1000/acre. This would be for timber tracts in the say greater than 75 acre range no city water or sewer in most cases. Many of you folks i think are quoting acerage in a city esp the guy in California. That or an acre that can be used to grow that green gold known as corn these days.

As a forester these are fair values, many may want $2500/acre but will never get it now. These are tracts that say will pay out with a 35-40yr old final harvest valued at say ~$3,000/acre with todays current depressed timber prices. If you read past what i was saying in the first paragraph, no you will not buy land for $2000/acre with 45 yr old trees on it and clear cut it for $3000/acre, those deals are through, and stopped in the 1980s prolly.

For those buying even land in the $13000/acre range and buying more than say one or two at that price, what in the **** do you do seeing as the average family income is i think $60ish K a year. If you lived in a tent or a trashy single wide i could see you making it work but there is no way my wife and i could swing it on our $70K/year family income.

 

[Mousefield]

Prices will vary according to size and location in our area. 5 acres of raw land in our area is around $200,000. and up. 14 acres about 1 mile from us is $495,000. Both with no house or improvements. Now if you are talking ocean front or ocean view then the price of course gets pretty high. :shocked: Just up the road from us you can buy a 1/4 acre lot with an older mobile for around $180,000.:confused2:
Just saw this listing in our local paper 3.13 aces $299,000. no improvements and 1/2 acre lot for $179,000. Cheapest land I know of that sold in the past year or so in our area is a 66 acre mostly treed parcel with a small older house and outbuilding of not much value for $660,000.

 

[Dargo]

I am not keen on the stock market and invest in other things. Where I live land never really went up big nor has it gone down any to speak of. I own a little over a couple hundred acres total now and I think I'm going to buy another lot. This 'new' (to me) lot is the last lot in an established subdivision that was pretty well built out about 25 years ago.Average home price in the subdivision is about 375k. The 6 acre lot has all paved frontage, nicely paved all the way to it, city water, cable TV, phone and gas on the property. It is all woods with a perfect layout for a walk out basement. And, it's only about 3 miles from where I live.

I'm thinking maybe one of my kids may want to build there someday or I can just sit on it for an investment. Most trees are mature and there is a place where I could easily build a lake about 1 acre in size with equipment I have. Oh, it is also only about 4 miles out of the city. I think $50k is a fair price. Wife thinks $30 sounds better. Owners immediately declined a $45k offer. Am I thinking wrong at $50k?

 

[Mousefield]

I am not keen on the stock market and invest in other things. Where I live land never really went up big nor has it gone down any to speak of. I own a little over a couple hundred acres total now and I think I'm going to buy another lot. This 'new' (to me) lot is the last lot in an established subdivision that was pretty well built out about 25 years ago.Average home price in the subdivision is about 375k. The 6 acre lot has all paved frontage, nicely paved all the way to it, city water, cable TV, phone and gas on the property. It is all woods with a perfect layout for a walk out basement. And, it's only about 3 miles from where I live.

I'm thinking maybe one of my kids may want to build there someday or I can just sit on it for an investment. Most trees are mature and there is a place where I could easily build a lake about 1 acre in size with equipment I have. Oh, it is also only about 4 miles out of the city. I think $50k is a fair price. Wife thinks $30 sounds better. Owners immediately declined a $45k offer. Am I thinking wrong at $50k?[/QUOTE]

I'm thinking if they have turned down $45K then I don't think your wife will get it for $30K, looks like your $50K is perhaps were the price should be. All depends on the land owner, do they need or want to sell?

 

[Mudfarmer]

Tree farm acreage at a 30 year low in Western Washington - I paid $2500 per acre for 40 acres in March.
Mf

 

[dave1949]

From today's newspaper:

(These empty building lots are in my area of western Maine)
18 ac Phillips $24K
3 ac Farmington $19.9K
1.88 ac Wilton $10.5K
2.1 ac Wilton w/drilled well and septic design $65K

Larger tracts of 100+ acres can sell for anything from $500/ac to $1500/ac depending on the quality of the land, the timber inventory, location, etc.

I feel lucky we bought our lot in 2003 for $500/ac. Even in the down economy that price would be hard to meet or beat now in this area. It had just been harvested, so that makes a difference too.

Expensive ($250K & up for here) properties just aren't selling. Decent homes on nice lots below $180K have a chance of selling.
Dave.

 

[amashinga]

Not always easy to find land here on Vancouver Island, pacific NW. Arable land goes for about 50k/acre if its too far to commute to town, 150k/acre and up if its close to town.

Non arable land (trees & Rock) go for 100k an acre close to town.

All of the large tracts of land are state owned, or parks, or large logging companies.

 

[amashinga]

Oh I meant to add, you can get some amazing properties further north, with lake frontage or ocean frontage, but they are in the middle of thousands of square miles of mountain ranges, heavy snow in the winter, no roads nor any chance of a road being put in during our lifetimes. Boat or float plane access only. I thought about buying one and putting up a crude log cabin as a real summer getaway and the idea is still bumping around my skull.