Land Prices on Martha's Vineyard

According to LINK, land prices have increased even faster than home sales since 2001. The median price of land sold on Martha’s Vineyard in 2004 was $367,900. That is up 86.3% in three years. It continued to rise in 2005 and was $406,000 for the first four months of this year. Consider this: median land prices so far in 2005 are higher than median home prices in 2002. It now requires an income over $90,000 to purchase the median price building lot — without the home!

This is an excerpt from the Martha's Vineyard Housing Needs Update -- 2005
produced for the Island Affordable Housing Fund
by John J. Ryan — Development Cycles
July 2005