The sale is part of moves by Buccleuch - one of Scotland's biggest landowners - to reduce its footprint in the area.
Lincoln Richford, who chairs Wanlockhead's community trust, said: "The village has a long history and the buyout will allow us to secure our future in the way that Langholm, Newcastleton and countless communities in the Highlands and Islands have been able to do.
"Our plans for the buyout have attracted young families into the village and we hope that will continue."
Among those hoping it could go ahead is childminder Emma Connolly, who has four children of her own. She moved to the village four years ago.
"It can be incredibly difficult to find suitable affordable housing here, which can often deter families, those on limited incomes or people with additional support needs," she said.
"Over the years, I've found myself in the position where we have considered moving away due to the lack of suitable affordable housing here.
"I think the community land buyout will bring new opportunities to the village in the form of small businesses, affordable housing, improvements to services, wildlife and biodiversity, sustainable tourism and much more."
"They've had some challenges along the way but they have shown themselves to be incredibly resilient and focused on creating a better future for their village," she said.
"Hundreds of communities have shown what can be achieved when communities own their own land and we hope that Wanlockhead will soon join that family."