Vacant land sales continue at a robust pace
Mark Twain’s advice to” Buy land, they aren’t making it anymore” is as good advice now as it was in his era. And while they’re not making any more of it, there’s no scarcity of it on the market.
Vacant land sales in the NE Tenn. – SW Va. are still running as hot as they did during the last half of last year. So far this year, there have been 1,665 sales, and active inventory is in the 2,200 to 2,400 listings per month range.
Sales up to $29,999 account for almost a third of all transactions so far this year. But there have been some multi-million-dollar sales.
Who’s buying the land is varies. Many sales go to individuals who are planning to build. But lot developers, builders, and investors are also active. Some builders have been heard complaining that investor groups have snatched up some of the lands with the best residential potential for multi-family developments. There’s also an ongoing talk about a couple of groups planning to bring the “build-to-rent” trend to the region’s single-family market in a bigger way.
At the end of August, there were 2,385 vacant land listings on the two primary local databases. That down 13% from what it was last year. There were 320 new listings, up 36% from last year. Like home sales, the vacant land sales market growth rate may slow a little, but the overall market shoud remain robust.
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 1,800+ 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