COLUMBUS, Ohio — Thanks to Intel the price of an acre of land in Licking County near the future home of the semiconductor facilities is higher than it’s ever been.
“We are seeing increases in farmland from $20,000 an acre in 2021 to $45,000 in 2022,” Licking County Auditor Michael Smith said.
When the New Albany Company assembled the pieces of land to acquire the site, even Intel had to pay more for the land than what it was worth.
“New Albany ended up purchasing it for $70,000 an acre and then ended up selling it to Intel for about $110,000 an acre,” Smith said.
It’s not only land that’s going up. Home prices are also on the rise.
“We are seeing probably 30% to close to 40% increase just in residential value,” Smith said.
Realtor Andrew Guanciacle runs one of the largest realtor companies in the area. He says low prices Licking County is becoming a thing of the past.
“[The] best time to buy land in Licking County was five to 10 years ago,” he said.
Guanciacle says most realtors used to know what homes would sell for a year or two out, but Intel changed that.
“That crystal ball has sort of gone out the window,” he said.
He says the reason is more people are moving to the area, but the supply of homes isn’t keeping up with the demand. Guanciacle adds homes are selling for much more after Intel’s announcement.
He says even if you don’t own a home near the site, the impact on the housing market will be felt in neighboring counties.
“They are already seeing it,” he said.
And as housing prices and land soar, eventually higher taxes will follow. That could price some people out of their homes.