News & Features

Kelley’s Market Trends: Residential Land Sales

The number of residential land sales has remained relatively stable over the last five years

The number of residential land sales has remained relatively stable over the last five years. The median price of residential land sales has also been relatively stable, but did increase by 10.3 percent since September of 2016. The median price in the first nine months of 2014 was $75,000, $80,000 in 2015, $78,000 in 2016 and has increased to $86,000 for the first nine months of 2017. The median size has remained about the same at 1.5 acres, compared to 1.6 acres at this time in 2016,

In the first nine months, 26.5 percent of residential land sales were on small urban or suburban lots, 26 percent were on half acre to three-acre lots and 28.4 percent were on three to 20-acre tracts.   

In addition to the non-waterfront lots, there were 30 waterfront lots sold with a median price of $174,250 and a median size of 1.4 acres. There were 39 waterfront lots sold in the first nine months of 2016 and they had a median sold price of $215,000 with a median size of 3.15 acres.

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