Where's the Best Place to Buy Land?

Published: 01-26-24    Category: Insight

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

A land parcel during sunset.

One unique aspect of investing in land is its tangible nature. Unlike other investment options like stocks or bonds, land is a physical asset that can be seen and touched. Investing in land provides a sense of security and permanence as it holds inherent value that is less susceptible to market fluctuations.

Additionally, land investing enables individuals to have more control over their investment since they can choose how to utilize the land, such as developing it for commercial purposes or building a personal residence. Unlike with stocks, landowners have more direct influence over the potential profitability of their investment through its development and management.

Here, we'll explore some of the best places to buy land in 2024, shedding light on average acre pricing information and the key factors driving the market in each area.

Let's get started.

What Are the Benefits of Buying Land for Sale?

Beyond the obvious advantage of potential appreciation, there are several key benefits that make land an attractive investment option.

#1 – Limited Maintenance

One of the often overlooked advantages of investing in land is the limited maintenance and management required compared to other forms of real estate.

Unlike rental properties or commercial buildings, land does not require ongoing repairs or renovations, making it a less demanding investment in terms of time and resources.

#2 – Hedge Against Inflation

Land investments also provide a hedge against inflation. As the demand for land typically increases over time due to population growth and urbanization, the value of land tends to rise.

This, combined with the fact that land is a finite resource, makes it a potentially powerful way to preserve and grow wealth.

#3 – Stability and Diversification

Furthermore, land investments offer a measure of stability and security. Unlike stocks or bonds, land is a tangible asset that cannot go bankrupt or be wiped out overnight.

Additionally, land tends to be a safer long-term investment, as it is less susceptible to market fluctuations and economic downturns.

Investing in land also provides diversification within an investment portfolio. Including land in a well-balanced portfolio can help reduce risk and increase returns, as it tends to perform differently than other asset classes, such as stocks and bonds.

#4 – Multiple Uses

Finally, land investments offer various potential uses. While most commonly associated with development, land can also be used for agricultural purposes, recreational activities, conservation, or even as a long-term hold for future generations.

This versatility offers investors flexibility and options for maximizing the land's potential value.

The Best Places to Buy Land in 2024

Now, let's take a look at some of the best places to buy land in 2024. Our data is a combination of our own property listing data in corroboration with other freely available land listing data.

#1 – Montana: The Land of Vast Opportunities

Montana, known for its picturesque landscapes and enchanting natural beauty, is witnessing rapid growth in its land market. With an average acre price ranging from $1,500 to $3,000, Montana provides a lucrative opportunity for investors.

The factors contributing to this upswing include the state's low population density, moderately tax-friendly policies, and an increasing number of individuals seeking refuge from urban life amidst the pandemic.

#2 – Texas: Unparalleled Growth and Business-Friendly Atmosphere

Texas always shines as a preferred destination for land investment, thanks to its thriving economy and business-friendly policies. The diverse geography of Texas allows investors to choose between lush forests, rolling hills, or vast plains.

The average acre price in Texas hovers around $8,000 to $12,000, with some regions offering even more affordable options. Factors propelling the land market in Texas include a booming population, attractive tax incentives, and a resilient economy.

#3 – Colorado: A Haven for Outdoor Enthusiasts and Technology Professionals

Colorado is a state that seamlessly blends stunning natural landscapes with a thriving technological ecosystem. The average acre price in Colorado varies between $10,000 to $15,000, making it an attractive option for land investment.

The land market in Colorado is driven by factors such as the state's robust job market, favorable climate, and the increasing popularity of outdoor activities.

Additionally, numerous tech companies are relocating to Colorado, attracting skilled professionals and driving the demand for housing and land.

#4 – Florida: A Tropical Paradise With Flourishing Real Estate

Florida's real estate market has always been vibrant, and its land market is no exception. With an average acre price ranging from $10,000 to $20,000, Florida offers a diverse range of investment opportunities, including beachfront properties, fertile farmlands, and lush forests.

Factors bolstering Florida's land market include its favorable tax environment, tourism industry, and the significant influx of retirees seeking an affordable and idyllic lifestyle.

#5 – Oregon: A Green Oasis With Sustainable Appeal

Oregon, known for its lush green landscapes, has become a go-to destination for eco-conscious investors. The average acre price in Oregon ranges from $5,000 to $10,000, making it a relatively affordable choice compared to other states on this list.

The state's commitment to sustainability, renewable energy initiatives, and a growing emphasis on agriculture contribute to the rising demand for land in Oregon.

Do Your Research and Work With Professionals

As the land market evolves in 2024, these best places to buy land—Montana, Texas, Colorado, Florida, and Oregon—stand out due to their unique characteristics and compelling factors driving growth.

Whether you prioritize tranquility, business opportunities, technology, tropical allure, or sustainability, these states offer diverse investment options to suit your aspirations.

However, it is essential to conduct thorough research, work with trusted professionals, and consider your individual goals and budget before making any investment decisions.

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