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Kelley’s Market Trends: Land Sales

In general, land sales continue to be relatively flat in number, but prices are increasing

By Jim Kelley

The number of residential land sales in the first five months of 2017 is up around 6 percent from the same period in 2016. The highest number was in 2005 with 502 sales and the low was in 2009 with 35 sales. Over the last five years, the number of sales in the first five months has been fairly level with a low of 187 in 2016 and high of 207 in 2013.   

The number of residential land listings is down 8.1 percent from the number of listings at this time in 2016.     

The median sales price so far this year has been $85,250, compared to $70,000 for this first five months of 2016. The median price for the entire year of 2016 was $80,000. The median tract size this year has been 1.36 acres and the average tract size has been 6.4 acres.

In general, land sales continue to be relatively flat in number, but prices are increasing. The land inventory continues to decrease and there is a developing shortage of small lots for affordable housing.