In terms of its size, Michigan is the country's 11th-largest state, covering an area of 96,714 square miles (62 million acres). Of its total landmass, 56,539 square miles (58.5 percent) of the state is land, while the remaining 40,175 square miles (41.5 percent) is covered by water (defined as inland lakes, Great Lakes water, coastal waters or territorial waters). Lands of America research shows that 78 percent of land in Michigan is privately owned. Recent Lands of America data shows the average value of land for sale in Michigan is $12,417 per acre, representing data from 2,799 properties for sale at an average list price of $277,152 (the most expensive listing being for $11.5 million). The median listing size was 19 acres, with a maximum size of 6,148 acres. Of Michigan's 83 counties, Hillsdale County
featured the highest number of land, farms and ranches for sale, while Newaygo County
ranked as the county with the most recent sales. According to data from the U.S. Census Bureau, Michigan had 52,194 farms totaling 10 million acres, placing the state at number 15 in the country with respect to the number of farms in the state; the state ranks 28th given the size of its agricultural acreage (Michigan ranks 42nd when agricultural acreage is considered relative to the state's overall land area).