The average cost to purchase an acre of land in Ohio was approximately $9,800 in 2022. This figure represents a significant increase in land values across the state.
Current Land Values in Ohio
In 2022, the average price for an acre of land in Ohio stood at $9,800. This valuation reflects a notable surge in the land market, driven by various regional economic factors and demand. Prospective buyers and investors should be aware of this average when considering land acquisitions within the state.
Historical Price Trends
The cost of land in Ohio has shown a consistent upward trajectory over recent years, indicating a robust and growing market. The average price in 2022 ($9,800) marked a substantial 20.3% increase from the previous year. Looking further back, land values have seen considerable appreciation.
Ohio Land Price Evolution
To illustrate the trend, here's a breakdown of the average cost per acre in Ohio over the past few years:
Year | Average Cost Per Acre | Year-over-Year Increase |
---|---|---|
2022 | $9,800 | 20.3% (from 2021) |
2021 | $8,150 | 14.8% (from 2020) |
2020 | $7,100 | - |
As the table shows, the average price in 2021 ($8,150) itself represented a 14.8% increase from the 2020 price of $7,100. This consistent growth highlights a dynamic land market in Ohio. For general information on land buying, explore resources about Ohio land and real estate.
Understanding the Upward Trend
The notable increase in Ohio's land prices, particularly the significant jump witnessed between 2021 and 2022, suggests a vibrant and potentially attractive market for land ownership. This upward trajectory can be influenced by factors such as strong demand, economic development, and limited supply, making land a valuable asset in the region.