Michigan Landwatch (2024)

FAQs

How much does 1 acre of land cost in Michigan? ›

Acreage Pricing Statistics. Between January 1st, 2023 and December 31st, 2023 acreage was typically selling from an average between $1986 to $4990 per acre. Long gone are the days of buying acreage for $500 - $1000 per acre.

Key Steps for Buying Land in Michigan

Use online listings to identify potential properties and study details like topography. Tour promising sites to check access, improvements, surroundings, soil and natural attributes. Verify zoning rules, deed restrictions and disclosures with county offices before making offers.

According to the Michigan Realtors association, the average price per acre of vacant residential land in Michigan as of 2022 was around $16,500. However, land prices can range from as low as $2,000 per acre in rural, undeveloped areas to over $100,000 per acre in desirable recreational and waterfront locations.

According to the Congressional Research Service, Michigan spans 36.5 million acres.

The ten states with the cheapest land are Arizona, New Mexico, Mississippi, Colorado, Arkansas, New York, Missouri, Oregon, Alabama, and Michigan. Arizona is the cheapest state to buy land with a median price of $4,164 per acre.

State homestead laws typically mandate a maximum amount of property (often expressed in dollar amounts) that may be claimed. Michigan homestead laws allow forty acres of rural land or an average-sized urban lot (up to $3,500 worth) to be set aside as a homestead.

(h) "Farmland" means 1 or more of the following: (i) A farm of 40 or more acres in 1 ownership, with 51% or more of the land area devoted to an agricultural use.

Land held by Michigan's state and municipal government entities are generally immune from adverse possession actions. So, if you live next to an unused state park in Grand Rapids, you won't be able to expand your backyard merely by mowing the lawn or building a shed and waiting 15 years.

The cost to build a house in Michigan is $130 to $220 per square foot on average for a basic home with builder-grade finishes. Costs increase to $280+ per square foot for custom-built homes with upgrades like hardwood floors, granite countertops, or high-end fixtures and finishes.

What is the cheapest type of land to buy? ›

It is important to note that land that can generate income will likely be more expensive than land that can't. As a general rule, the cheapest land in the United States tends to be desert land without utilities. These areas have limited uses, at least soon.

This decline in population has led to a decrease in demand for housing and land. Another reason why land is so cheap in Michigan is that the state has a lot of vacant land. Much of this land is located in the Upper Peninsula, which is a sparsely populated region of the state.

Gates and his investment team own more than 240,000 acres, as reported by O'Keefe, including 2,167 acres in Michigan. According to O'Keefe, Gates isn't the only one making moves on the farmland market, especially as farm real estate values nationwide increased 7% from 2020 to $3,390 per acre.

Currently, about 9.7 million acres in this state are devoted to farming. This is approximately 26.6 percent of the state's land mass. Most of the farmland is used for row crop production. Corn and soybeans are the dominant crops, followed by forage crops and wheat.

Ever wondered who owns the most land in the state of Michigan? The quick answer is the government. Combined, the State of Michigan and the Federal Government own almost a quarter of all the land in the state - about 8,500,000 acres in all.

The cost of land per acre varies greatly depending on location and intended use. On average, in the United States, the cost of one acre of land is around $16,000. You can buy an acre for under $1,000 in some places, but some commercial lots and agricultural properties can exceed $100,000 per acre.

The cost to build a house in Michigan is $130 to $220 per square foot on average for a basic home with builder-grade finishes. Costs increase to $280+ per square foot for custom-built homes with upgrades like hardwood floors, granite countertops, or high-end fixtures and finishes.

In summary, buying land in California offers advantages ranging from portfolio diversification to long-term equity plays. For investors able to manage the challenges of a highly competitive market, the benefits can be lucrative.

For 2022, the average farmland cash rental rate received by landowners in Michigan ranged from a low of $20 per acre in Alger and Delta counties, to a high of $231 per acre in Huron County for non-irrigated cropland based on producer survey results.