January 27, 2016 (Chicago, Ill.)- Prices of land real estate sold in the U.S. rose by three percent between October 2014 and September 2015 according to a newly release Land Markets Survey published by the REALTORS® Land Institute (RLI) and the National Association of REALTORS®. The survey also predicted an average growth of two percent across all land types through October 2016, with a six percent growth expected in brownfield development.
The survey also took a close look into the type of land most commonly being bought / sold in the last part of 2015. Individual/Families were the major buyers of recent land transactions both in the US and Canada up to fifty-five percent of buyers. The second largest buying group was investors at twenty-eight percent—up eleven percent from mid-2014. The survey also revealed an increase in foreign and corporate buyers as well as a decrease in buyers who are expansion farmers.
Bob Turner, ALC, 2016 Institute National President of REALTORS® Land Institute, stated “Our RLI land survey showed positive gains with momentum building in all land sectors across the country. Our members are seeing Agriculture land volumes up by two percent with a price gain of one percent, Commercial land volumes were up by three percent with a price increase of five percent, Residential land volumes were up by four percent with price increases of three percent. This survey shows that our members are seeing growth in demand and pricing which, once again, proves that land is a solid investment. The largest sector of buyers are Individuals showing they purchased sixty percent of the transactions. This is a very positive survey for our businesses and our members to continue to see price and volume gains in our most precious commodity “LAND”. Call a REALTORS® Land Institute professional member to help you with your next land purchase!”
The 2016 Land Markets Survey is a tool for real estate land professionals in all sectors of the business to use for bench-marking and as an informational resource when conducting business. This year marks the third consecutive year that the survey has been conducted to reveal current trends and the current state of land markets. The survey includes responses from over six-hundred and fourteen expert land professionals including respondents from across North America. The Institute has made the full real estate land markets survey available for free on their website.
About the REALTORS® Land Institute
The REALTORS® Land Institute is the professional membership organization for real estate practitioners who specialize in land transactions. Over 100 years old, the Institute provides a wide range of programs and services that build knowledge, relationships, and business opportunities for the best in the land business including the Annual National Land Conference. Through its best-in-class LANDU education curriculum, the REALTORS® Land Institute confers its Accredited Land Consultant (ALC) designation to only those real estate practitioners who achieve the highest levels of education, experience, and professionalism. For more information, visit www.rliland.com or call 800.441.5263.