In 2006 acreage was all the rage, to some, it still is. Homes were at their peak prices and many homeowners who bought in 2006 have taken substantial losses in the market correction. Some, however, were less affected than others. One may not have expected or predicted, but as the numbers show homes on 5-10 acres have held their value stronger than those under 5 acres.
Comparing 2011 to 2006, we see some pretty big differences.
Looking at single family homes on 0 to 4.99 acres in 2006 we have an average sale price of $200,582. Flash forward five years to 2011 and the average sale price for the same criteria plummets to $167,726. A nearly 16.3% drop in average price comparing the years side-by-side.
Looking at acreage properties, 5-10 acres in the same time frames we saw a 2006 high of $287,783 average sold price, and in 2011 a $267,703 average sale price. A difference of a mere 9%.
Acreage properties from 5-10 acres have proven to weather the market correction more favorably than those of smaller land sizes, largely speculated to their higher desirability and their limited nature. Moving forward at today’s market corrected prices, land of 5-10 acres is a sound investment not only for the pocket book, but for the mind.
If you’re looking for Spokane Area Homes on Acreage, check out our free list here.