Analysis of Factors Related to Per Acre Prices of Bare Land: North Carolina 1975-1976

William J. Vollink

Journal of Agricultural and Applied Economics, 1978, vol. 10, issue 2, 143-150

Abstract: Per acre land prices are observed to vary from one sale to the next. Reynolds and Timmons found that differences in land prices could be partially explained by net farm income, government farm programs, technological advance, farm enlargement, pressure from an increasing population, and capital gains. Other studies identified tobacco and peanut allotments and spatial shifts of industrial and urban development as major factors affecting differences in land prices. An additional factor which has not been addressed fully in the literature is the relationship between the lending agency which finances the land sale and the per acre sale price of the land. Identification of the magnitude of the relationship between the foregoing and other factors and bare land prices may provide useful information to policymakers and land appraisers. For example, policymakers could determine the impact on per acre land prices of altering the size of per acre flue-cured tobacco allotments. Appraisers could adjust the price of a recently observed land sale to reflect an expected market value for characteristics of the property being appraised.

Date: 1978
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