How Much Is Land Worth In Wake County?

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Land value in Wake County

Land value in Wake County is all over the place, and no two acres of land are worth exactly the same amount. In some areas, land may be as cheap as $15,000 an acre, where in other places, it could be as much as $1,000,000 an acre. It all depends on it’s location, proximity to other areas, and it’s features.

The best way to determine the value of an acre is actually to work backwards, starting with the value of a finished lot in a developed neighborhood, and then deducting all of the things that aren’t the land. For instance, if we assume a 20 acre piece of land is going to be divided into 100 lots, and each lot is currently worth $45,000, we can now determine the rough value of a single acre.

Lot values can be divided into three equal parts. The first is what’s called the horizontal infrastructure, which includes all of the costs associated with the land being developed, such as installation of water and sewer, road construction, attorney’s and surveyor’s fees, and subdivision approval. That’s the frst $15,000.

Next, is the profit the developer needs to make on the purchase. Plain and simple, profit is the reason any one does business at all, and that’s the second 1/3 of the $45,000.

Last, is the raw land value. This final $15 is just for the bare land for each lot in the development. But remember, for this scenario, it’s 100 lots on 20 acres. Assuming all lots are equal in size, 5 lots at $15,000 each means each acre is worth $75,000.

But each subdivision, development, and property will be different, and using this exact numbers might not be appropriate for the acreage you’re currently looking to buy.