Land Appraisals: A Behind-the-Scenes Look at Valuing Acreage
According to the National Association of Realtors 2023 Land Market Survey, land value nationwide rose to $18.6 trillion, up from $17.2 trillion the year prior. Land price growth rose to a rate of 1.9%, with residential, industrial, and timber land categories specifically producing the highest growth rates. But, your individual slice of land could be valued at a dramatically higher or lower price per acre depending on factors like its topography, road access, and zoning.
Enter land appraisals — a special type of valuation for undeveloped property essential to a smooth land exchange between two parties. This guide will take the mystery out of land appraisals for the average landowner and cover a lot of ground, including:
Top factors that influence the value of land
Why land appraisals require unique training and expertise
The difference between rural and residential land appraisals
How to find a reputable land appraiser
