Lynn Walker|Wichita Falls Times Record News
After a year of unprecedented highs in Texas land sales, the boom shows signs of slowing down a little.
In fourth quarter 2021, Texas recorded 1,283 rural land sales, significantly fewer than the 2,236 sales in fourth quarter 2020.
“Feverish 2021 demand for land, coupled with a dearth of listings, pushed prices up a remarkable 29 percent to $3,954 per acre statewide,” said Dr. Charles Gilliland, research economist with the Texas Real Estate Research Center at Texas A&M University. "Total dollar volume reached a record $3.4 billion, up 97.6 percent over 2020.”
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In 2021, a record 846,347 acres changed hands, an increase of 53 percent.All regions of Texas posted double-digit price increases and substantial increases in total acres transferred.
“This continues to be the most active period in Texas land market history,” said Gilliland, who has monitored the state’s land market for 40 years. “The typical tract size sold in 2021 expanded by 14.6 percent to 1,305 acres.”
He said facts suggest Texas land markets may be returning to a more normal level of activity.
"On the other hand, despite the smaller number of fourth-quarter sales, brokers report they are still very busy working with numerous prospective buyers,” he said.
