Kelley’s Market Trends: Residential 1 to 10 Acres

The number of sales in this class is up 15.3 percent from what it was in the first eight months of 2016

By Jim Kelley

In the first eight months of 2017, residential properties with one to 10 acres of land made up 22.2 percent of the residential sales. This is nearly the same as it was in 2016. The average lot size for this class of residential property is 3.72 acres and the median size was 3 acres.

The number of sales in this class is up 15.3 percent from what it was in the first eight months of 2016.

The median price this year is $364,000, which is 14.8 percent  higher than it was last year at this time. The average price of this class is up 9.1 percent , from  $384,558 in 2016 to  $419,533 for the first eight months of 2017.

There are currently 296 homes in this class that are on the market, making up 26.6 percent  of the total number of residential listings. The median asking price for these homes is $549,000, which is 51 percent  higher than the median sold price of $364,000. The average asking price is  $968,433 compared to the average sold price of $419,533. Of the 296 listing in this class that are on the market, only 55 (18.6 percent) are priced at or below the median sold price for this class.

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