With home prices reaching record highs, many people believe the real estate market is at its peak. According to the Fiscal Times, it’s a seller’s market and most buyers want turnkey properties with homes already built. Despite this trend, for the adventurous few looking to buy land and build their dream homes or country ranch residences, affordable options still exist.

The experts at FindTheHome used county public records to look at the sales of vacant lots since the beginning of 2014. Using this data, they averaged the lot size, sale price, and price per square foot of every vacant lot transaction in each county and found the counties with the cheapest land in each state.

Buying undeveloped land comes with many advantages. Empty land usually does not cost as much as an improved lot. Additionally, it provides maximum creative flexibility — stay within your jurisdiction’s zoning codes, and you can build whatever you want. Perhaps most importantly, though, is the fact that vacant lots can often be better long-term investments.

In Maryland, Somerset County was the cheapest county to buy vacant land. The average vacant lot size was 166,711 square feet, and the average sale amount was $45,059. The cheapest vacant lots in Virginia are found in Hanover County, where the average lot was 2,353,580 square feet and sold for $340,034. Don’t let these large numbers confuse you – vacant land buyers in Somerset County, MD paid an average $2.33 per square foot, while the vacant land in Hanover County was just $0.18 per square foot.

Take a look at the graphs below to see how home prices have been trending in Maryland and Virginia. Is it about time you started to think about investing in a vacant lot?

[graphiq id=”2emAalGyiH3″ title=”Median Home Sale Price in Maryland” width=”600″ height=”536″ url=”https://w.graphiq.com/w/2emAalGyiH3″ link=”http://trends.findthehome.com/l/40/Maryland” link_text=”Median Home Sale Price in Maryland | FindTheHome”]


[graphiq id=”lsI5379ciyh” title=”Median Home Sale Price in Virginia” width=”600″ height=”536″ url=”https://w.graphiq.com/w/lsI5379ciyh” link=”http://trends.findthehome.com/l/15/Virginia” link_text=”Median Home Sale Price in Virginia | FindTheHome”]

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription