Citrus land transactions in Florida doubled in 2024 from 2023, Saunders Real Estate reported in its Lay of the Land Florida 2024 Market Report. Almost half of the 128 transactions occurred in Polk County (34) and Hardee County (27).
The size of citrus groves sold in 2024 ranged from 10 to 5,500 gross acres. More than 28,700 gross acres sold with an average price per acre of approximately $13,700. This represents a 47% increase in price per acre compared to 2023.
The largest citrus acreage transaction of 2024 was in Collier County, where approximately 5,500 acres sold for $33.5 million, or roughly $6,000 per acre. Saunders Real Estate represented the seller, and a Colorado investor purchased the land.
Nineteen of the 128 citrus transactions were designated for transitional or residential development. Among those transactions, the average price per acre surged to more than $60,500. The most significant sale in this category occurred in Lake County, where approximately 120 acres sold for $14.5 million, or nearly $122,000 per acre. The report noted that citrus groves are increasingly being converted into residential or commercial developments due to a combination of economic, agricultural and demographic factors.
Two of the 128 transactions were designated for conservation easements, totaling nearly 1,000 acres. The conservation transactions were 856 acres in Hendry County and 100 acres in Highlands County. A conservation easement is a legally binding agreement between a landowner and a government agency or nonprofit land trust that restricts development while allowing the land to remain in agricultural use. The conservation easements allow landowners to protect their groves from future development.
The Saunders report noted that well-managed citrus groves with strong production have maintained stable values.
See a summary of the 2023 Florida Lay of the Land report here.
Source: Saunders Real Estate
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