Jett Land and Realty LLC maintains a database of sales of parcels over fifty acres in size in twenty two counties in Central Virginia. These sales include arms-length transactions between individuals as well as trustee’s sales. New Kent County enjoyed one of the largest leaps of sales of tracts over fifty acres: from two sales in 2011 to twelve in 2012. Along with Powhatan, this is a five hundred percent increase in activity compared to the previous year.
The number of 2012 sales under the county assessed value is also provided for additional consideration. The sale prices of forty eight percent of the total sales in 2012 were less than the county’s assessed value: Specifically eighty three percent of those parcels in New Kent County were sold under assessed value. This is extremely noteworthy as we continue to see the land market correcting its self.