20 Acres
There were 7 sales ranging from 20 to 61 acres, and from $7,924 to $22,000/Acre. The average price per acre was $14,298.
10-20 Acres
There were 17 sales in total, but those properties in the southern area of the county were excluded from this analysis. 14 sales were reviewed, ranging in size from 10 to 20 acres, and from $100,000 to $513,760. The average size was 13.37 acres and the average price per acre was $17,978.
5-10 Acres
There were 14 sales in total, but again, those properties in the southern area of the county were excluded from this analysis. 11 sales were reviewed, ranging in size from 5 to 8 acres, and from $120,000 to $450,000 in price. The average size was 6.06 acres and the average price per acre was $28,702.
1-5 Acres
There were 24 sales in total, but those properties in the southern areas of the county and those surrounding Morse Lake were omitted from this analysis. 16 sales were reviewed, ranging in size from 1.48 to 4.97 acres, and in price from $45,000 to $179,000. The average size was 2.83 acres and the average price per acre was $35,028.
So, no surprise, as the volume of acres decreased the price per acre increased (and substantially so). If one had a big enough wallet, 13 acres could be bought for half the cost per acre of someone buying just 3 acres. And someone could have bought 30 acres for half the cost per acre as someone buying 6 acres.
There are a lot of factors that go into determining the value of a piece of ground; with just one of those factors being the total number of acres being purchased.
Well, that’s a wrap for 2019. What will 2020 bring? Time will tell. If you are looking for a piece of land, give me a call at (317) 625-0655. Let’s talk specifics. Let 2020 be the year!
