How much does an acre of land cost in East Tennessee?

How much does an acre of land cost in East Tennessee?

Statewide, an average acre of Tennessee land is worth $14,400, but it’s all about location. The average sales amount for a 251,911 square foot lot in one of Unicoi County’s prime locations is $59,408, according to FindAnyAnswer.com. Tennessee’s $14,400 per acre average cost compares to $12,100 in the lower 48 states.

Is land in Tennessee a good investment?

Besides its natural beauty and its varying cultures, the state has a low cost of living as well. Tennessee is somewhere you want to be with one of the lowest costs of livings at 88.7 out of the average 100. If you are looking for hunting land to buy, this state is a great one to look in.

What are the hottest real estate markets in Tennessee?

The Top Tennessee Real Estate Markets

  • Chattanooga.
  • Johnson City.
  • Knoxville.
  • Memphis.
  • Nashville.

Where is the best place to live in East Tennessee?

To summarize, here’s our list of the 5 best places to live in eastern Tennessee:

  • Chattanooga.
  • Cookeville.
  • Johnson City.
  • Knoxville.
  • Maryville.

How much do you have to put down on land in Tennessee?

Larger Down Payments – Land loans typically require a larger down payment than traditional mortgages, often as much as 20% to 30% of the asking price. If you are purchasing raw land, the preferred down payment can be as much as 30% to 50% of the total cost.

Does Tennessee have property tax?

Tennessee has some of the lowest property taxes in the U.S. The median annual property tax paid by homeowners in Tennessee is $1,220, about half the national average. The average effective property tax rate in Tennessee is 0.64%.

Can you get a loan to buy land in Tennessee?

Land Loans At Wilson Bank, our experienced lending team can help you finance your land purchase so you can move forward with planning your new home. Wilson Bank is a full-service financial institution with branches throughout Middle Tennessee. Experience the difference with Middle Tennessee’s Community Bank™.