re: Been following a vacant lot near me and I'm a little skeptical about the price drops

Any property on the market means someone wants to get rid of it.

You should go with due diligence anyway, but price drops aren't that much of a red flag. If you're not getting offers you might be asking too much. Price changes cause a property to reappear on the daily report.

If you have a buyer's agent they can tell you if the property has been under contract and went back on the market, or if it's stayed on the market the whole time (which means no full price offers).