I am not sure about land prices but home prices have dropped like a rock.
Homes that were $250k are now $190k. Land prices that I know of are as follows in most situations. 2-5 acre lots were $35-50k in my area in the late 90's prices moved up to the 45-60K range a few years back and now the prices have turned back to the 30-40k asking range, I am not sure what the selling prices are.
A home on my street sold for $160k with 3 acres or so, small ranch with attached and detached garage, so not a bad price for seller or buyer. I saw a foreclosed home down my road sell for $220k to the bank with 5 acres, Brick Colonial with 2 car att. garage. About a normal price. I know that my home was appraised for $250k in 2003 for a refinance. I couldnt get $220 now even with large garage, new deck, plus workshop, 10 years old. I may be going to the twnship this year to get the assesment lowered. The tax creep says the home is worth $270k. (not likely in the real world)
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