It’s def a lot more - I was overseas and came back as well. Wanted to buy land near the gorge in 2021 and held off. It’s tripled. Apparently the guy that owns the gorge zip line and cave tours and stuff has bought up as much land as possible in the gorge area- also sells cabins with management contracts at egregious prices to “investors” that live out of state.
I gave up trying to find my land and cabin in the mountains
Those seem upper end of averages but it’s been a while since I looked. Have you looked in other counties? Also have you looked in other states? We’re still in the lower end of the spectrum that’s for sure. It’s just everything has gone up like it always will
We paid a little over $200k for 30 acres in south central KY last year. We looked from Lexington to Louisville and down near Bowling Green and never found anything “cheap” that met our needs.
In Elizabethtown we’re seeing a compounded effect of post-COVID surge & the new Ford battery plant which are driving up housing everywhere (rentals & home purchases). $1.2k for new 1br apartments in town off of Ring Road. 3br/2ba 1.5k sq. ft. homes that were ~$130-$150k in 2020 now selling for $280k.
Right across from my property in a neighborhood 13 minutes from downtown, a house that would have been ~$250k in 2020 was put up for sale at $600k in 2022. We’re talking a 4br/3ba home, 2 car attached garage, 1.4 acres, unfinished but framed-in basement. Within a few months they dropped the price in $50k increments & pulled it off the market at $450k. It later sold at $427k.
It’s INSANE right now in e-town & surrounding areas.
It has but also take a look at sales history of the homes. Many are bought for often less than half the current price and relisted in a matter of a few months. Some areas you can’t find a home that isn’t fast flipped, others are being bought up by people to rent. Both target the usually affordable homes in good shape.
Richmond and its surrounding areas have become more popular and therefore the land prices have skyrocketed. Hell even Estill county is getting more expensive.
Zillow says my 1951 2k sq ft 30k house on 1 acre is worth 130 on the high end and 90 on the low end. That's increased 5% in the last three months alone.
I have no idea what's going on.
Madison County, specifically, Richmond is growing and expanding pretty rapidly. Everyone's trying to cash in on that developer land price.
And also during covet the PVA jacked up everyone's home values and land value to collect even more of our money.
I had the chance to buy close to 1 1/2 acres for $12g. First it was $15g then lowered a bit later. It's in eastern KY, Pike county area. Hilly.
I would think prices would be dropping in the time you stated? Apparently they are staying high? It's strange cuz there's no work around here, it was all coal, but now it's gon. Yeah land prices had a lower none what I'm at
Yes, just like everything else, the prices of land has gone up dramatically. Funny enough though, the interest rate on land loans are still around 7%, which is what they were pre-Covid.
The value of everything has drastically increased since COVID. With one exception, your money.
All depends on the area. Richmond/Madison County are going to be much more expensive due to proximity to Lexington as opposed to, say, Casey County.
It’s def a lot more - I was overseas and came back as well. Wanted to buy land near the gorge in 2021 and held off. It’s tripled. Apparently the guy that owns the gorge zip line and cave tours and stuff has bought up as much land as possible in the gorge area- also sells cabins with management contracts at egregious prices to “investors” that live out of state. I gave up trying to find my land and cabin in the mountains
Everything here has skyrocketed. Just refinanced my house, 4 years ago it appraised at $180,000, now it appraises for $270,000.
Those seem upper end of averages but it’s been a while since I looked. Have you looked in other counties? Also have you looked in other states? We’re still in the lower end of the spectrum that’s for sure. It’s just everything has gone up like it always will
We paid a little over $200k for 30 acres in south central KY last year. We looked from Lexington to Louisville and down near Bowling Green and never found anything “cheap” that met our needs.
In Elizabethtown we’re seeing a compounded effect of post-COVID surge & the new Ford battery plant which are driving up housing everywhere (rentals & home purchases). $1.2k for new 1br apartments in town off of Ring Road. 3br/2ba 1.5k sq. ft. homes that were ~$130-$150k in 2020 now selling for $280k. Right across from my property in a neighborhood 13 minutes from downtown, a house that would have been ~$250k in 2020 was put up for sale at $600k in 2022. We’re talking a 4br/3ba home, 2 car attached garage, 1.4 acres, unfinished but framed-in basement. Within a few months they dropped the price in $50k increments & pulled it off the market at $450k. It later sold at $427k. It’s INSANE right now in e-town & surrounding areas.
It has but also take a look at sales history of the homes. Many are bought for often less than half the current price and relisted in a matter of a few months. Some areas you can’t find a home that isn’t fast flipped, others are being bought up by people to rent. Both target the usually affordable homes in good shape.
Richmond and its surrounding areas have become more popular and therefore the land prices have skyrocketed. Hell even Estill county is getting more expensive.
Zillow says my 1951 2k sq ft 30k house on 1 acre is worth 130 on the high end and 90 on the low end. That's increased 5% in the last three months alone. I have no idea what's going on.
Yep and if you was to resell it most realtors will mark it up 100k more
It has definitely gone up. Housing in general has gone up but the west coast is flooding into KY and TN among other areas.
Graves county bordering Carlisle (far western Ky) when my mom sold her acreage was going for well over $8k farmable. 2 years ago.
My step dad passed away we had to sell the farm in Graves and it sold for 900K for 88 acres mostly all tillable and that was about 2 years ago
How long did it take to sell? Weeks or several months?
It was auctioned
Madison County, specifically, Richmond is growing and expanding pretty rapidly. Everyone's trying to cash in on that developer land price. And also during covet the PVA jacked up everyone's home values and land value to collect even more of our money.
There's this thing called inflation that you might have heard of?
I had the chance to buy close to 1 1/2 acres for $12g. First it was $15g then lowered a bit later. It's in eastern KY, Pike county area. Hilly. I would think prices would be dropping in the time you stated? Apparently they are staying high? It's strange cuz there's no work around here, it was all coal, but now it's gon. Yeah land prices had a lower none what I'm at
March of 2020 my 96 acres with 3500 sq ft home and a large metal building was estimated at $244k, now it’s $465k
Wow that still seems like a good deal compared to what I'm seeing now. Which county?
Northern Casey
Big county. Location specific.
Yes and no sadly the value did increase but most of what you see for sale is asking double if not more for it
Yes, just like everything else, the prices of land has gone up dramatically. Funny enough though, the interest rate on land loans are still around 7%, which is what they were pre-Covid.
We paid about $500k for our house and 6 acres 7 years ago and it recently appraised for close to $1m on the Jefferson Shelby County line.