Vacant land sales are on track for another annual increase just below the 50% mark. They’ve been on that path since 2020 while sales in some price ranges are well into triple-digit increases.  

The three largest price ranges as of mid-December are $160,00-$179,000 (up 139%); $300,000-$399,000 (up 121.2%); and $500,000 and above (up 133.3%). The price range with the highest total sales is $29,999 and below, up 18% on 523 closings. 

Vacant land sales continue seeing momentum on four fronts. 

• Individuals are buying lots for new homes. 
• Individuals in the pre-retirement phase buy land. 
• Developers for new single and multi-family developments. 
• Speculators. 

Here’s what the annual vacant land closings look like: 

• 2019 – 1,140 
• 2020 – 1,469 
• 2021 – mid-December year-to-date – 1,912 

So far this year, the median sales price is $49,000, up 11% from last year. 

The median listing price is $50,000, up 11% from last year. 

The median time on the market is 118 days, down 36% from last year, and there’s an 11.6-month inventory of listings on the market. 

The outlook for 2022 is continued current conditions since the region’s population and job creation outlooks have not appreciably changed.