Is buying land still a good investment?

In this market and current circumstances, is buying land still a good investment?

My wife and I have the opportunity to buy a 0.40 acre lot in a small village in rural NW Ohio.

The current owners bought the lot back in spring of 2021 for $34k. He’s getting desperate to dump this now. It’s been listed for a while and now he’s got it listed for $25k and even stated in his description on Zillow “Need to sell immediately”.

To my knowledge, based on the fact that it is in the village and there are houses all around it – it would be classified as “Improved Land”. There’s access to road, water, and electricity.

Even if I could get it for $22k and sit on it for 10 years or so – I think the profit could be there. Thoughts?