Real Estate Math
A Lancaster County, PA, farm of 85 acres sells for $1.275 million. What is the price per acre?
A$15,000/acre✓ Correct
B$14,000/acre
C$12,500/acre
D$15,882/acre
Explanation
Price per acre = $1,275,000 / 85 = $15,000/acre. Lancaster County farmland is among the most productive agricultural land in the United States and commands premium prices. Pennsylvania Agricultural Conservation Easements (PACE) help keep such land in agricultural use by purchasing the development rights from willing landowners.
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