As recently as July of 2009, the average asking price for land in Wilkes County was $11,200/acre for 100+ acres. Today, we have property in Wilkes County with an asking price as low as $1,958/acre.
That’s quite a drop in asking price. Prices have also moderated in Watauga (Boone), Ashe (Jefferson), Caldwell (Lenoir), Avery (Newland /Banner Elk), and the other 3 counties we serve. Mountain land is a distinct type of property – especially parcels over 100 acres. Actual sale AND sale prices tend to follow a distinct pattern of ups and downs – each cycle lasting 6-9 years up and another 6-9 years down.
We completed the most recent down cycle about 18 months ago. Prices have remained steady at their lowest in 10 full years. What has changed is that sales are now increasing thanks to lower prices. That, in turn, means that inventory will soon be diminishing – the result of which will be increasing prices.
If you’ve been waiting for the price to hit “bottom”, you’ve already waited 12-18 months too long. Since the first of this year, all of our sales have been at full price.
You know what that means – prices will now begin escalating again into our next up cycle. Mountain Land Company currently has the largest inventory of large land parcels in the High Country MLS – most of which are over 100 acres. You won’t find a better selection!
Because we take time to educate our sellers about current market conditions and prices, most sellers price their property fairly, taking into account the accurate historical sale prices of similar properties.
Ready to make your dream a reality? Call Paul!