September 2019
2008 until 2016 Land prices suffered the same downturn in the market as other types of real estate. However, in the last three years there has been an overall turnaround and land values have risen at a steady pace. The Realtors Land institute (RLI), Land Market Survey, shows that the last three years have been good for the overall growth of land throughout the United States, with an increase in values running over 3% per year.
Here in North Central Florida our land prices have risen an average of 10% over the last few years, which is slightly above the national average. In Alachua and Marion Counties, land is in high demand for residential and commercial development. In Bradford, Columbia, Gilchrist and Union Counties, the demand is higher for rural homes sites, small farms and agricultural tracts. Levy county has seen a rise in the value of recreational / hunting tracts and timberland.
The Covid pandemic has has drawn many people away from the cities and towards less populated North Central Florida small towns.
No one knows when this market will peak, vacant land is usually less volatile and slower to sharp rises and falls in value. However, land in Florida is still a great investment for someone looking for stability and appreciation over time.
About the Author
Sidney Stidham is the Broker at Realworks LLC and has been selling land, farms and homes throughout Florida since 1989. If you would like to find out the value of your property in today’s market, he can be contacted at (352) 215-2631, email sid@realworks1.com