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Almost two years ago I created a Facebook group called Middle Tennessee Land For Sale, if you haven't joined you should. This group was created to help people not only buy and sell land but also to share information and insight about the process of buying and selling land in Tennessee.
As this group has grown, I have used the opportunity to engage with the members get a pulse on the consumers and what they are feeling. As a Realtor it can be easy to sometimes get lost in the statistics, the hot sheets, and the theories and conjectures of those in the industry. Just recently, I posted a poll in the group asking "What is keeping you from buying Land?" The overwhelming answer was PRICE!
66% of respondents said price was the main factor with 16% saying that interest rates were the biggest factor. So I decided to do some research on the median price of an acre of farmland in Middle Tennessee over the last quarter century, almost. (2001 - 2024)
2001 - $2,638.11 per acre
2010 - $3,298.53 per acre
2020 - $4,786.15 per acre
2024- $10,369.40 per acre
So over the past 24 years we have definitely seen an increase in the cost of land with it over doubling in the past 4. Unfortunately, for those of you hoping to wait for land prices to decrease, history shows that prices will likely continue to increase. During the past 24 years land prices have only decreased two times with the largest decrease coming after the crash of 2008. However, since that time land prices have not only recovered but have more than tripled. In the end, what we see is that land continues to gain value over time and the best time to buy land is usually already passed. Remember one thing about land, they're not making anymore of it!
If you're tired of waiting, reach out and let's get you on the path to owning land in Tennessee and investing in the future. Call or text today 615.762.6572
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