U.S. land sales volume and prices saw modest growth in 2025, according to a new Land Market Report from the REALTORS® Land Institute (RLI) and the National Association of REALTORS®. Nationally, land sales increased by 0.8% in 2025, slightly more than in 2024 (0.7%), and land price per acre growth averaged 1.5% in 2025, with ranch land posting the strongest price growth, followed by industrial and recreational.
The report reflects a January 2026 survey of RLI members who reported a land sale—defined as one in which the value of the land is at least 51% of the transaction—in the past 12 months. In a webinar hosted by RLI on April 30, a panel delved into regional and land-type variations. Joining NAR Chief Economist Dr. Lawrence Yun on the panel were Oleh Sorokin, commercial real estate data analyst for NAR and Aaron Shew, chief technology officer for Acres, a land data platform.
Ranch and Industrial: Top Growth Sectors
Ranch and industrial land saw the strongest transaction volume growth in 2025 at 1.1%, followed by recreational at 1%. Ranch also posted the strongest price growth at 2.2%, followed closely by industrial and recreational land at 1.9%. While recreational land was among the top land sectors for price growth, it was down 0.5% from 2024, whereas industrial and ranch land both posted upward trajectories from 2024.
Other categories of land (residential, agricultural, commercial and timber) saw sales volume growth ranging from 0.6% to 0.8% and price growth from 1.2% to 1.7%, except for agricultural (non-irrigated), which posted the lowest price growth at 0.8%.
Market Optimism for Land Volume Growth, But Not Prices
Asked to provide an outlook for land sales volume and price growth, RLI members say they are mostly optimistic about near-term growth in dollar volume, especially in the residential and development sectors, with expectations roughly double 2025 actual growth. They also express strong optimism for ranch land, which exceeded 2025 growth by 0.3%. All other categories saw sales growth volume expectations equal to or slightly exceeding 2025 actual sales volume, suggesting a steady market.
Looking at expectations for land price growth in dollars per acre, the outlook is more pessimistic. Across all land categories, REALTORS® reported a near-term expectation of a 0.7% decline in growth, led by ranch at a 1.3% decline from 2025 actual price growth, followed by timber and recreation at 1.1%.
RLI President Geoff Hurdle, ALC, says the recent oil price shock has made people more cautious, especially on the agriculture and ranch side. “When diesel and fertilizer go up, it impacts what a buyer’s willing to pay for dirt,” Hurdle says. “That said, land has held its value through one of the roughest stretches I’ve seen, and I don’t see that changing.”
Variations Across Types and Regions for Land Sales
Survey respondents reported significant variations in land sales across regions and land categories. By type of land, agricultural topped the list at 33%, followed by recreational (30%) and residential (20%). The Midwest was the largest land market, accounting for 22% of land sales, followed by the Southeast at 19%. South and Southeast states reported the highest increase in land sales, with rates ranging from 1% to 3.9%.
Adding to the land sales outlook, Acres culled data from various sources and found that, despite inflationary pressures that have driven down sales, land values stabilized at around $7,200 per acre at the end of 2025, with no indication of a continued decline in sales volume. Regional and land sector findings include:
- Heartland cropland gains are moderating from peak levels but remain above 2020 baselines.
- The Southeast (where 46% of land sales last year were residential) is fast-growing, primarily driven by development pressure.
- California has the highest median price per acre at $15,000 to $25,000, but down from the 2020-21 peaks.
- Western markets face challenges associated with tariffs, permanent crop oversupply, regulatory water compliance costs and inflationary input pressures compressing values for water-insecure and permanent crop ground.
The national land market has demonstrated price resilience amid a significant rate-tightening cycle and continues to correct as inflationary pressure rises. While transaction volume has normalized, per-acre values remain elevated, suggesting strong fundamental demand and limited distressed supply.
“The big story isn’t any one sector, it’s everything happening at once,” Hurdle says. “Houses are needed, but zoning is tightening, data centers want the same dirt as farmers, water becoming its own asset out west, etc.,” he continues. “Land specialists who can sort all that out and tell a buyer the best use for a piece of ground are those who will still be standing 20 years from now.”
Download the webinar presentation for a regional analysis and Yun’s economic outlook.
