Acreage Pricing Statistics
Between January 1st, 2021 and December 31st, 2021 acreage was typically selling from an average between $1416.67 to $4200.00 per acre. Long gone are the days of buying acreage for $500 - $1000 per acre. Pricing per acre will vary, depending on the total amount of acreage being sold at one time, whether there is timber on the property, ponds, rivers, lake frontage or if there are any existing outbuildings present on the property.
Typically, a nice wooded 10 acre parcel may list anywhere from $25,000 to $42,000 ($2500-$4200 per acre), with $32,576.30 being the most AVERAGE SALES PRICE. If a 10 acre parcel has a very limited amount of timber, the value of the land might be on the lower end of the scale, depending on whether it is tiled for farming or unimproved land. The same is true for a property with easement access, with no electricity available. Those factors may substantially affect the land values.
20 acre parcels sold between $2450 to $3750 per acre.
Nice 40 acre parcels are selling between $94,900 to $119,900! This is a sizable contrast to what acreage was selling for a year ago. (2021 sales: $2372.00 to $2997.50 per acre)
There were nine 60 or greater acreage parcels that sold in 2021, that didn't have major improvements such as out buildings or cabins. The price per acre for these parcels ranged from $1547.99 to $2278.30 with an average per acre sales price of $1959.27.
Acreage adjoining state land seems to be a hot item these days. They are harder to find and can sometimes go for a little more per acre, in the right location. Often, acreage around state land won’t have access to power and can also affect prices.
On average, prices have gone up in the last two years. Many landowners offering land contract terms, might ask a little more for their property because they are offering terms.
If you are seeking to purchase vacant property, you should expect that the bank or seller will require at least 20-25% down payment. This is typical with most banks offering vacant land mortgages or landowners who offer land contracts.
If you are looking for a bank that offers mortgages on vacant land WITHOUT the buyer being required to build on the property over a certain amount of time, contact Ivie Baker and she'll be happy to forward you some information on some lenders who will finance vacant land.
(Information for these statistics came from the Clare/Gladwin MLS, January 1st 2021 to December 31st, 2021)
Statistics for Acreage Sales January 1st, 2021 to December 31st, 2021
10-20 Acre SOLDS - Average Price Per Acre: $3,257.63
25-59 Acre SOLDS - Average Price Per Acre: $2,556.80
60+ Acre SOLDS - Average Price Per Acre: $1,959.27
These statistics were pulled from the Clare and Gladwin County MLS. Acreage values will vary in different parts of Michigan. These statistics should not be used to factor land values in other areas of the state. These values are based off of 2021 sales ONLY! Please contact your local Realtor for an accurate market analysis for CURRENT property values.