NE Tenn – SW Va land sales on track for another big increase
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.
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.
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