February 14, 2017 (Chicago, Ill.)- Recreational and residential land sales accounted for 50 percent of all closed land transactions between October 2015 and September 2016 according to a newly released Land Markets Survey published by the REALTORS® Land Institute and the National Association of REALTORS® Research Department. Broken down, sales increased at the largest rate for timberland at 5 percent and residential land at 4 percent, with the northeast region of the U.S. leading the way for both types of land. In turn, land prices increased the most for timberland at 5 percent and residential land at 3 percent. During the same period, prices of agricultural irrigated land decreased by 1 percent and non-irrigated land decreased by two percent. This shift from a growth in agricultural lands to a growth in recreational and residential land is likely related to the slump in commodity prices. The survey also took a look at the types of buyers and sellers involved in the transactions. Individual/family were the major buyers and sellers of U.S. land, with the northeast U.S. accounting for the largest share of individual/family buyers (35 percent) and sellers (26 percent). The survey also predicted an average growth of 2 percent across all land types through October 2017, with a 3 percent growth expected in each sector for timber, residential, and greenfield development land. Of all properties bought or sold, mineral rights were conveyed in 68 percent of all transactions, making knowledge in mineral, oil, and property rights a hot topic for real estate professionals. READ ENTIRE PRESS RELEASE
