Arizona’s Acres Are Here for the Taking
Over the course of the past year, we’ve watched Americans search for affordable properties with more space. A study on 2020 relocation trends showed large numbers of citizens moving to the American West and Southwest. Arizona was one of a few states that experienced a 60% inbound migration rate, adding in a flood of new residents seeking their new dream home in the desert. That begs the question: Why was the Grand Canyon State such a popular relocation destination? One answer is its dirt — or, more specifically, the affordability of Arizona's undeveloped land.
How Much Does An Acre Cost in Arizona?
The median price per acre in Arizona is around $4,000 — $2,000 cheaper than New Mexico, which ranked second according to research from InMyArea.com. Comparatively, states on the East Coast yield the most expensive land nationally. States like New Jersey are literally running out of land upon which to build, which inevitably has raised prices. The most expensive state in which to buy land is Rhode Island as its median price per acre is $350,374.
The thought of building a home might be daunting to clients, but when you look at the numbers, it can be more affordable to build than buy when in the right location. The average cost to build a home in Arizona ranges from $170,000 to $480,000 for a 2,000 sq.-ft. home. (Understandably, cost is dependent on location, size, and customization of the house.) Currently, the average cost of a home in Arizona is $395,000, meaning savvy shoppers could build their dream abode without denting their wallets quite as much as those who opt for a pre-built home instead.
Key Facts About Arizona’s Available Land
If your client is looking for land to build a new home, or they’re interested in land for recreational activities, consider these key facts:
- The median price per acre is $4,160 in Arizona, and homesites are only $3,920.
- The Grand Canyon State has a higher proportion of undeveloped and homesite land than any other state.
Millions of acres are currently for sale across the country, creating a great opportunity for Americans looking to purchase land this year.
For agents looking to capitalize on this new opportunity, listen to the needs of your clients. If what they’re seeking can’t be found in an existing home, gauge their interest in the idea of building their dream home instead. Armed with these facts and figures about Arizona’s promising prices for undeveloped land, you may introduce the perfect solution to their housing problem. After all, finding alternatives to traditional real estate searches is a necessity as housing prices continue to rise, and homes become harder to find.