The big agricultural industry of North Carolina continues to grow each year. It remains one of the largest industries in the state, with crops of cotton, tobacco, peanuts, and potatoes. In North Carolina, over 8.4 million acres of land are labeled for agricultural use, which represents 27% of all the state’s land area.
Over the last 20 years, the price of North Carolina’s land per acre has been increased by an average of 2.8% per year, giving a price per acre of land of $4,180. That 2.8% represents an increase of $1,830 per acre every year. Some of the usual factors that affect the price of the land are:
North Carolina’s Topography
Typography is defined as the level and slope of the state’s terrain; it is determined by measuring the elevation of the land if it is plain, sloping, or flat. The percentage of change in the elevation of the land over a certain distance is called “the slope.”
Sellers usually provide buyers with this information to ask engineers or designers if the house or building can be easily made. A land with many swampy areas or significant elevation changes is more challenging than the plain ones. This factor can decrease the price range of lands due to the buyer’s lack of willingness to take the risk to build in the area.
The Land’s Location
The land’s location is one of the most important factors to consider when asking for prices per acre. Two most common question people usually do when looking for buying land are:
- Is the land located close or into the city?
The price per acre may rise due to the higher development potential that close city lands offer. On the other hand, if the land is located far from the city but close to timber production, it could be more expensive than a city.
- Which are the neighborhood conditions?
You have to notice if the houses around or close to the land have the same land use and architectural styles. These conditions will influence the price due to the size and the future type of construction you will have to do on your land. Nonetheless, it is worth mentioning that some neighbors are more expensive than others.
Water and Land Condition
When looking to buy land, it is a must to look for land that has water and sewerage access. Sometimes, a piece of land has little water to support its best use, thus decreasing the value of the land. Something else to keep in mind is that any property with ponds, lakes, or water views included will be more expensive to buy.
The second most important thing to keep in mind is checking if the land is easily adaptable to build residence. Deping on the land’s terrain, the price will either be higher or lower.
Weather
A fourth thing to consider is that land sometimes depends on weather patterns because constant or steady weather is more valuable for buyers due to the excellent land conditions and future homeowner benefits. Sellers usually take advantage of this approach to increase the price of the land.
Land located in areas where the weather is complicated and can make construction processes difficult in the lot. Although these prices might be lower than others, it may complicate future land sales.
Shape and Size
Finally, the most obvious factor is the land’s size and shape. Depending on the size and shape of the land, it will have a different price. Square or rectangular is often the type of shape more valuable for buyers.
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