I am asked frequently what LAND prices are doing. I decided to take a snap shot in time of prices of the 3 counties I am most active in, Harris County, Meriwether County and Talbot County GA. They are all located in the west central portion of Georgia. The prices shown are based on recent sales and anecdotal evidence.
Currently prices are averaging:
Harris County – $3,500 Per Acre
Meriwether County – $2,350 Per Acre
Talbot County – $1,950 Per Acre
Please be advised that these are average prices, based on average to large tract size, average timber value and average property attributes. These larger tracts are primarily recreation and timberland properties! For example, some smaller tracts in southern portion of Harris County located close to Columbus and close to I-185 are selling closer to $8,000 – $10,000 per acre. These smaller properties are being used for residential purposes.
We are seeing small, incremental price increases in counties close to metropolitan areas like Columbus, LaGrange and Newnan. Not so much in the rural counties. In summary, prices are getting a little better in some counties that are close to work and shopping. In those counties that are experiencing no growth due to new industry or housing, prices are flat. For example, in the area I work that would include Talbot, Taylor, Marion, Chattahoochee and Stewart Counties.
Let me share my personal story. I bought some property in Harris County in 2003. I later sold a portion of the property in 2006 and the balance in 2007. I tripled my investment! I thought I was smart and wanted to reinvest some of the money in LAND again. I bought 52 acres in Johnson County in 2008. I sold the property in January 2017. I am making a very small return on my investment and here is why, I bought in a county with no industry and no jobs. Thank goodness the property has generated some timber revenue for me. Most of the county is used for pastures, timber and a little farming. Buy based on current use and sell based on Higher and Better Use. An old adage that has been worn out, but still true……It is all about location.
G. Kent Morris
Associate Broker, Bickerstaff Parham Real estate
Accredited Land Consultant