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.