I appreciate the spirit by which you are approaching this topic, but I want to caution you that you are asking a very scientific question about a very nonscientific process.
At the end of the day the question you need to answer is what is the acreage worth to you. That sounds nice and warm and fuzzy but it really can be hard to do. Emotionally you don't want to pay too much, but I would submit that as long as you are comfortable with the statement "I paid a fair price for X" then you didn't pay too much.
Consider the sale of a MN car. We all love heated seats here in MN and most would be willing to pay extra for them. Inherently the car is more valuable because it has parts and equipment that isn't found in all other cars. In fact, in MN, that car would logically sell for more than a similar car without. However if you were to offer the same two cars to someone from Texas or Arizona, I doubt that they would be willing to pay much more, if any for the car with heated seats. Are they wrong?
Now consider real estate. Some houses have Jacuzzi tubs, hardwood floors and pools, but if you hate pools, donâ€™t ever take baths and have pets (where their hair will gather on the hardwood floors), you arenâ€™t likely to pay anything additional for the upgrades. In fact, you might offer less for that house because it has things that you donâ€™t like in it. I for one love a warm bath on a cold winter day, a dip in the pool on a summer afternoon and my entire house is hardwood floors. To me that house is worth a premium â€“ even though I have pets.
Acreage is the same. Some people will pay more for it, some will pay less, but the value is in the eyes of the buyer and seller not in a statistical analysis. At the end of the day the only thing the statistical analysis proves out is the average that other buyers and sellers felt their particular acreage was worth. All totaled that is a really poor indication of the value you do or should put on that particular acreage yourself.
Now that I have you focusing on the right question (hopefully), Iâ€™m sure you are wondering how you determine for yourself what acreage is worth to you. This is where your agent (as a buyer) comes in. You need to go out and look at bunches of houses with acreage and get educated on the marketplace. That will give you an idea of the current value of acreage. Then you want to look at what other SIMILAR properties have RECENTLY sold for. Because it is a large investment that you are making, I would suggest you drive by the recently sold properties to get an idea of the overall picture and the intangibles like, view and neighborhood that arenâ€™t in the MLS.
Coldwell Banker Burnet