News & Features

Kelley’s Market Trends: 2016 Residential Land Sales

In general, land sales have been relatively flat in both the number of sales and prices over the last four years

The number of residential land sales in 2016 was nearly the same as it was in 2015.  The highest number was in 2005 with 1,089 sales and the low was in 2009 with 156 sales. Since that 2009 low, the number of sales increased to 527 in 2013, then dropped to 481 in 2015 and 2016 followed with 486.      

Although 2016 was level with 2015, it is noted that the number of residential land listings is 14 percent lower than what it was in January of 2016.

The median sales price was $80,000 in 2016, which is the same as it was in 2015.  The median tract size was two acres and the average tract size was 11 acres in 2016. This compares to a median size of one acre and average size of eight acres in 2015.

In general, land sales have been relatively flat in both the number of sales and prices over the last four years. The land inventory is decreasing and could eventually lead to increasing land prices.