Local vacant land sales beginning to slow
There were 201 vacant land sales in May. That’s 28 fewer than in April. So far this year 967 sales have closed. During the first five months of last year, there were 509 closings.
Like residential sales, the crush of land sales is beginning to slow. The active inventory is also lower. In May there were 187 fewer listing than there were in April.
Residential and building lots top the type of listings. But there were also 105 listings for resort or recreation property, 171 for timber, and 279 for farms. The most expensive listing is on Island Rd. in Bristol for $9.8 million.
Based on LandWatch data, Tennessee ranks 10th in the U.S. for the combined amount of land currently for sale. Statewide the listings total $10 billion. New Jersey tops the list for average per-acre land cost at $12,930. Montana is the least expensive at $808 an acre.
Over the past 20 years, the price of Tennessee farmland per acre has appreciated 3.3% per year to $3,990.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us