06/05/2024
Looking at the past three months, here are the market statistics for vacant land in Tulsa County, Oklahoma as of June 1st, 2024.
The real estate market for vacant land (without a house) is moving fairly slowly.
The hot spot is in the 10 to 15 acres range where it is a seller's market.
All other parcel sizes are in a seller's market, with the exception of parcels measuring 100 acres or more, where the market is balanced at a 6-month absorption rate.
Here is a detailed line by line summary of the market statistics for each price point (by parcel size), emphasizing the hotness, the months supply of parcels in the market (also called the absorption rate), and the average price per acre for each price point:
All Price Points by Parcel Size:
Hotness Index: 9.93%
Months Supply of Parcels: 10.61
Odds of Selling in the next 90 days: 15.77%
Average Price Per Acre: $26,548
Under 1 Acre:
Hotness Index: 8.85%
Months Supply of Parcels: 9.83
Odds of Selling in the next 90 days: 17.04%
Average Price Per Acre: $312,347
1 to 2 Acres:
Hotness Index: 10.14%
Months Supply of Parcels: 25.88
Odds of Selling in the next 90 days: 7.02%
Average Price Per Acre: $133,712
2 to 5 Acres:
Hotness Index: 6.58%
Months Supply of Parcels: 12.67
Odds of Selling in the next 90 days: 15.25%
Average Price Per Acre: $56,474
5 to 10 Acres:
Hotness Index: 6.67%
Months Supply of Parcels: 10.00
Odds of Selling in the next 90 days: 17.65%
Average Price Per Acre: $38,986
10 to 15 Acres:
Hotness Index: 27.27%
Months Supply of Parcels: 3.67
Odds of Selling in the next 90 days: 32.14%
Average Price Per Acre: $32,229
15 to 20 Acres:
Hotness Index: 40.00%
Months Supply of Parcels: 7.50
Odds of Selling in the next 90 days: 15.38%
Average Price Per Acre: $55,429
20 to 40 Acres:
Hotness Index: 13.33%
Months Supply of Parcels: 15.00
Odds of Selling in the next 90 days: 11.11%
Average Price Per Acre: $19,003
40 to 60 Acres:
Hotness Index: 25.00%
Months Supply of Parcels: N/A (Not available)
Odds of Selling in the next 90 days: 0%
Average Price Per Acre: N/A (Not available)
60 to 80 Acres:
Hotness Index: 33.33%
Months Supply of Parcels: 9.00
Odds of Selling in the next 90 days: 20%
Average Price Per Acre: $4,672
80 to 100 Acres:
Hotness Index: 50.00%
Months Supply of Parcels: N/A (Not available)
Odds of Selling in the next 90 days: 0%
Average Price Per Acre: N/A (Not available)
100 Plus Acres:
Hotness Index: 16.67%
Months Supply of Parcels: 6.00
Odds of Selling in the next 90 days: 27.27%
Average Price Per Acre: $8,616
The hotness index represents the percentage of pending sales to active listings, the months supply of parcels indicates the number of months it would take to sell all the parcels on the market at the current sales velocity, and the average price per acre is the average price of land per acre in each price point.
Call Debbie Durkee, ALC, CRS if you want statistics for residential acreage (I.e., land with a house on it ) for Tulsa County or for any county in our MLS (which comprises the eastern third of Oklahoma).
