Market Pulse – February, 23, 2021
The Tri-Cities region land rush is continuing into 2021. When you combine building lots to vacant land for homes, commercial ventures, agriculture, and now investments, sales were up 48.5% last year. Last month 133 vacant land deals closed.
Driving the sales is new residents seeking more space, and a growing number of investors.
Last month there were 2,281 local vacant land listings. That’s a little more than the number of homes for sales. Vacant land listings range from $4,700 for forest acreage accessible by four-wheel drive to seven figures listings near Bristol Motor Speedway.
There were 387 listings for 1.5 to 5-acres offerings ranging from $9,500 to $999,000. At the market’s top end is 32 ranging from $1 million to $9.75 million.
Statewide, an average acre of Tennessee land is worth $14,400, but it’s all about location. The average sales amount for a 251,911 square foot lot in one of Unicoi County’s prime locations is $59,408, according to FindAnyAnswer.com. Tennessee’s $14,400 per acre average cost compares to $12,100 in the lower 48 states.
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