METHODOLOGY

The Land Report’s annual survey of US land brokerages is based on the total value of self-reported 2022 domestic land sales through traditional brokerage. Totals exclude commercial, industrial, and residential assets, unless those assets were a component of a more valuable land asset. All figures were provided by respective firms from February 13 through March 31, 2023.

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BEAVERHEAD RANCH GROUP

BRGRANCHES.COM (505) 328-2530

2022 Sales: $50M–$100M Who: We work with buyers and sellers of New Mexico farms and ranches.

WOW: Listed Alamita Canyon Ranch in Northeast New Mexico. Within five days, the ranch was under contract for almost full asking price. It closed in 30 days.

What was your take on 2022? It was a strong year. The first three quarters featured several buyers on 1031 exchanges, but by the fourth quarter, the 1031 activity slowed.

How is 2023 shaping up? It is returning to a more normalized market. Buyers are still active, and new listings are beginning to develop. Market pressures have changed, and buyers no longer have to move as quickly as they did in 2021 and 2022.

BOWNDS RANCHES

BOWNDSRANCHES.COM (830) 966-6111

2022 Sales: < $50M

Who: We specialize in the marketing and selling of live water, hunting, recreation, production farms, and ranches across Texas.

WOW: Listed a multimillion-dollar ranch without ever having met the owners.

What was your take on 2022? Continued strong demand for farm and ranchland for the purposes of investment, recreation, and rural lifestyle.

How is 2023 shaping up? We see strong demand with very low inventory and more cash and 1031 exchanges.

BRIGGS FREEMAN SOTHEBY’S INTERNATIONAL REALTY

BRIGGSFREEMAN.COM (214) 350-0400

2022 Sales: $100M–$250M

Who: A luxury brokerage founded in 1960 specializing in the sale of luxury homes, high-rises, ranches, land, and commercial properties. We have more than 400 agents across Dallas-Fort Worth and surrounding cities, part of the $167 billion Sotheby’s International Realty network of 26,000 agents in 81 countries and territories.

WOW: Brought the buyer to the Apache Hill Ranch in Texas, an off-market sale at an undisclosed price that was our ranch division’s largest sale of 2022.

What was your take on 2022? We saw a big change between the beginning and end of the year. Inventory went down, so our agents didn’t have as much to sell, and many buyers began to reevaluate secondary recreational properties. While rising interest rates affected most sectors of real estate in a negative way, ranch sales in Texas actually didn’t see much of a drop in activity, demand, or prices.

How is 2023 shaping up? It has been extremely busy, but deals are getting harder to get across the finish line, thanks in part to tighter lending restrictions and a disconnect between buyer and seller market perspectives.

CAMPBELL FARM & RANCH

CFRLAND.COM (940) 549-7700

2022 Sales: < $50M

Who: A farm and ranch brokerage with more than 20 years of experience selling properties west of the Dallas- Fort Worth Metroplex.

WOW: Listed and closed 1,621-acre Pico Ranch in Shackelford County, Texas, setting a new high-value comp for the county.

CAPITOL RANCH REAL ESTATE

RANCHREALESTATE.COM (855) 968-1200

2022 Sales: $50M–$100M

Who: A full-service brokerage representing buyers and marketing properties in Texas.

WOW: Listed and sold 300 acres just north of Houston that were covered with huge, 200-year-old live oaks.

What was your take on 2022? Land sales volume suffered a post-2021 hangover due to rising interest rates and lower economic confidence.

How is 2023 shaping up? Our best start to a year so far thanks to a couple of key large-volume sales.

CHAS. S. MIDDLETON AND SON

CHASSMIDDLETON.COM (806) 763-5331

2022 Sales: > $1B

Who: A family-owned farm and ranch real estate and appraisal company located in Lubbock, Texas. We are licensed brokers in Texas, New Mexico, Oklahoma, Colorado, and Kansas. Our company was established in 1920, and we are in our fourth generation of ownership.

WOW: Handled the sale of several large and historic ranches. These included the 64,000-acre T. Boone Pick- ens’ Mesa Vista Ranch, the 131,000-acre Matador Ranch, and the 267,000-acre 6666 Ranch, which was designated the “Deal of the Year” by The Land Report.

What was your take on 2022? The ranch real estate market was phenomenal, as we sold more than 750,000 acres. Demand for ranches was extremely strong overall, but the market began to level off as interest rates rose.

How is 2023 shaping up? We had several large ranch properties under contract during the first quarter, and business continues to be good. However, buyers are becoming more selective and searching out only quality legacy ranches. Average-type ranches do not appear to be in demand. Buyers are still paying retail prices for the right ranch offering the best amenities possible. Our inventory has increased, and most inquiries are focused on our best offerings.

CIRCLE T REALTY

CIRCLE-T-REALTY.COM (903) 536-3318

2022 Sales: < $50M

Who: A boutique brokerage specializing in rural properties with a large portion having some type of recreational aspect to them. Our sweet spot is the I-45 corridor between Houston and Dallas.

WOW: Sold the 4s Ranch in Buffalo, Texas. The property contained 444.44 acres.

What was your take on 2022? There was a slowdown from the frenzy of 2021. Prices stayed strong, but inventory continued to be scarce. Larger, more premium-type properties continued to be a hot commodity.

How is 2023 shaping up? We had a couple of strong sales to start the year, and inventory might open up a little.

CLAYTON-WAGGONER PROPERTIES

CLAYTONWAGGONER.COM (844) 725-6247

2022 Sales: $50M–$100M

Who: A boutique Texas real estate brokerage firm. Our team members are experts in farm and ranch, land development, timber, minerals, and cattle operations.

WOW: We set a new high mark for sales in 2022 even though ranch sales in general were lower than the previous year.

What was your take on 2022? Higher interest rates and overall economic uncertainty caused ranch sales to slow.

How is 2023 shaping up? It is shaping up to be another very good year for our firm. This market environment creates a great opportunity, as many of the clients we represent on the buy side are cash buyers.

CLIFT LAND BROKERS

CLIFTLANDBROKERS.COM (806) 355-9856

2022 Sales: $100M–$250M

Who: We specialize in large-acreage production farms and ranches, irrigated farms, dryland cultivation, native grass ranches, CRP properties, and some recreational tracts as well.

WOW: Sold three farms in excess of $8 million each.

What was your take on 2022? Farms were purchased primarily by local farmers.

How is 2023 shaping up? Irrigated farmland sales drove our very active first quarter. All-cash transactions have vied with financing.

DULLNIG RANCHES AT KUPER SOTHEBY’S INTERNATIONAL REALTY

DULLNIGRANCHES.COM (210) 213-9700

2022 Sales: $250M–$500M

Who: We have nearly 25 years of experience dealing with farm and ranch properties in Texas.

WOW: A $30 million Hill Country listing was under contract in four days and closed in 30.

What was your take on 2022? Slower than 2021 but equal in volume to 2020.

How is 2023 shaping up? We began with $64 million in sales volume in January and have continued to sell and list at a good pace.

FOSTER FARM AND RANCH

FOSTERFARMANDRANCH.COM (830) 335-0506

2022 Sales: $100M–$250M

Who: Specializing in large recreational and investment properties in the Texas Hill Country, Gulf Coast, South Texas, and Far West Texas.

WOW: 2022 sales approached $200 million, which was in line with what we did in 2021.

What was your take on 2022? One of the best markets we have seen. Inventory was problematic, but every buyer found the right ranch.

How is 2023 shaping up? We were fearful of a slow- down, but the market has remained strong, especially on larger properties.

GARY GILES REAL ESTATE

GARYGILES.NET (214) 356-1104

2022 Sales: < $50M

Who: A single-broker agency (ALC designation) listing and selling farms, ranches, recreational tracts, and development land.

WOW: We were the selling agent on an outstanding recreational property that was located west of the Dallas-Fort Worth Metroplex.

What was your take on 2022? Land sales slowed in our market area as developers pulled back on buying.

How is 2023 shaping up? The outlook in our market is slow and will remain so until the economy stabilizes and farm and ranchland prices adjust back to something reasonable for their highest and best use.

HENSON LAND & RANCH COMPANY

HENSONLANDRANCH.COM (979) 229-8710

2022 Sales: $100M–$250M

Who: A full-service real estate brokerage firm specializing in land investments, farm and ranch, recreational properties, and rural homesteads. We take great pride in the lasting relationships we have with our clients and customers.

What was your take on 2022? During the first two quarters, values climbed continuously and steeply. Then it flattened out in the last half of the year.

How is 2023 shaping up? Another very good year, specifically in the large-acreage sector.

HOMELAND PROPERTIES

HOMELANDPROPERTIES.COM (936) 295-2500

2022 Sales: $100M–$250M

Who: We have more than three decades of experience in large timber tracts, farms, ranches, and transitional lands in Southeast Texas.

WOW: Closed on a nice timber tract in Polk County for approximately $10 million.

What was your take on 2022? It was very similar in production to the pre-pandemic years of 2017 through 2019.

How is 2023 shaping up? Buyers are still active; there are just fewer of them.

HORTENSTINE RANCH COMPANY

HRCRANCH.COM (214) 361-9191

2022 Sales: $100M–$250M

Who: Specializing in high-end recreational ranches in Texas and Oklahoma.

What was your take on 2022? The market peaked in the latter part of the year as inter- est rates and lack of supply slowed overall activity.

How is 2023 shaping up? We are experiencing continued high demand and expect that trend to continue.

KING LAND AND WATER

KINGLANDWATER.COM (432) 426-2024

2022 Sales: $100M–$250M

Who: A conservation real estate brokerage representing buyers and sellers of ranches in Texas. We passed a huge company milestone during the first quarter of 2023 with more than 1 million acres and $1 billion in sales.

WOW: Closed on the 10,955-acre 4M Ranch on the Lower Pecos River, one of the most pristine rivers in Texas.

What was your take on 2022? Traditional energy sector buyers were back.

How is 2023 shaping up? It’s a buyer’s market with a lot of inventory in West Texas. We are expecting a slower year in 2023, though we did close on two large ranches in the first quarter.

LANDS AND DWELLINGS BY ALLEN CRUMLEY AT WILLIAMS TREW

LANDSANDDWELLINGS.COM (817) 862-4459

2022 Sales: < $50M

Who: Specializing in hunting ranches, recreational ranches, live-water ranches, equine properties, and luxury ranches in and around the Dallas-Fort Worth Metroplex.

WOW: Sold more than 800 acres on the Brazos River to a large legacy ranch owner who has aggregated more than 30,000 contiguous acres.

What was your take on 2022? We saw a significant decrease in transactional activity.

How is 2023 shaping up? We expect to match 2022 sales volume by mid-year and hope to double our sales volume by the end of the year.

LEE, LEE & PUCKITT RANCH SALES AND APPRAISALS

LLPRANCHLAND.COM (325) 655-6989

2022 Sales: $50M–$100M Who: In business for more than 60 years, we focus on medium to large livestock, game and recreational ranches, and farmland in Texas and New Mexico.

WOW: Sold a large ranch in the Texas Panhandle with a big wind farm on the property and an oil company that was part of the purchase price.

What was your take on 2022? In general, we found the top of the market in 2022. Buyer demand remained high, while a lack of inventory, inflation, and higher energy prices kept the market up. Smaller recreational properties still sold well but not at the rapid pace of 2021.

How is 2023 shaping up? It has picked up from last fall. With oil, gas, and now renewables a major source of income for buyers, there is more money for landowners and/or operators to invest in land as a proven hedge against inflation.

LEGENDARY LAND COMPANY

LEGENDARY.LAND (405) 206-0914

2022 Sales: $50M–$100M Who: An Oklahoma brokerage specializing in recreational land and working ranches, our primary focus is the Interstate 35 corridor from Oklahoma City to the Texas state line.

WOW: Handled the sale of the Blue Bend Ranch in Johnston County, Oklahoma, featuring the longest stretch of live Blue River frontage in the state.

What was your take on 2022? We saw another substantial jump in land values in the first quarter, which turned out to be the peak of the market in our area.

How is 2023 shaping up?

Most sellers have been trying to cling to record-high property values from the recent peak, which created a period of stagnation that seems to finally be slowing.

MOSSY OAK PROPERTIES OF TEXAS

MOREOFTEXAS.COM (833) 466-7389

2022 Sales: $100M–$250M

Who: We service all segments of the rural and recreational property market, with 13 offices located across Texas. WOW: We posted our 13th consecutive year of growth.

What was your take on 2022? It was a tale of two halves. The first half of the year we continued to see massive growth in sales volume and land appreciation. The challenges of the second half, especially with interest rate hikes, pumped the brakes in regard to sales volume back to our pre-pandemic levels.

How is 2023 shaping up?

We expect a slower pace of transactions, with the average days on market growing each quarter. But as the population of out-of-state buyers continues to grow, our land values should remain level.

NO FENCES LAND COMPANY

NOFENCESLAND.COM (866) 800-5263

2022 Sales: < $50M

Who: We are a small brokerage company with a large reach into the farm and ranch real estate market.

What was your take on 2022? It was a better income year with fewer sales than 2021. We had to stay abreast of the changing market to find the best buyers and sellers for our clients’ needs.

How is 2023 shaping up? Though the market has begun to slow, we are way ahead of 2022’s year-end results and have high expectations for the rest of this year.

RANCH INVESTMENTS

RANCHINVESTMENTS.COM (800) 447-8604

2022 Sales: $50M–$100M

Who: Our associates specialize in wildlife management, commercial hunting, oil and gas, row crop and irrigated farming, equine centers, cow-calf and feeder operations, and real estate development.

WOW: We brokered several large, off-market properties throughout the year.

What was your take on 2022? The market remained strong through the third quarter, then waned a bit in the fourth as interest rates rose. Demand was high with extremely tight inventory.

How is 2023 shaping up? The first quarter saw improved activity over the previous quarter, but inventory is still tight. There is solid buyer interest in quality properties, and sellers are open to negotiating.

REPUBLIC RANCHES

REPUBLICRANCHES.COM (888) 726-2481

2022 Sales: $500M–$1B

Who: A full-service brokerage specializing in marketing and selling recreational properties, operating farms, and working cattle ranches. Our primary focus is in Texas, enhanced through our licenses and listings in all surrounding states as well.

WOW: Sold the 40,138-acre Monarch Ranch with more than five miles of Devils River frontage in Val Verde County. The asking price was $26.7 million, and it sold to two separate buyers, both of whom appreciated the eco-systems and the watershed.

What was your take on 2022? The growth in transaction activity and prices began to show signs of softening mid- way through 2022. While market activity remained strong throughout the remainder of the year, it was clear that the transaction volume was trending back toward levels closer to the long-term averages experi- enced before the pandemic and inflation.

How is 2023 shaping up? After a relatively slower first quarter, the pace of activity increased significantly across the board. Prices over the past two-plus years increased between 40 to 60 percent in most market areas. While we do not expect price levels to radically change this year, pricing discovery will be cen- tral to deals coming together for both buyers and sellers in the current market.

RUPLE RANCH AND LAND

RUPLEPROPERTIES.COM (830) 569-3500

2022 Sales: $50M–$100M

Who: A multigenerational, family-owned brokerage with agents based in all the major cities in Texas.

WOW: Owned by the same family for 147 years, we listed the 657-acre Tigner Ranch near Houston for $8.9 million.

What was your take on 2022? It looked like a $100 million year for us, but interest rates and the election shut it down.

How is 2023 shaping up? Things started slow but have rapidly ramped up.

TEXAS FARMS AND RANCHES

TEXASFARMSANDRANCHES.COM (903) 738-9420

2022 Sales: $50M–$100M

Who: Farm and ranch broker in Northeast Texas for 35 years with 50 years of experience in ranching and farming.

What was your take on 2022? A near-record year with lots of relocations as well as multiple 1031 buyers.

How is 2023 shaping up? Despite rising interest rates, it’s looking good.

TEXAS RANCH BROKERS

TXRANCHBROKERS.COM (512) 756-7718

2022 Sales: $50M–$100M Who: Specializing in Texas farm and ranch sales since our founding in 2011.

WOW: Sold the Double B Ranch for $27 million.

What was your take on 2022? The first three quarters were very active, but the final one was slow due to low inventory.

How is 2023 shaping up? It started off slow, but things picked up in the latter part of February and into March.

TEXAS RANCHES FOR SALE

TEXASRANCHESFORSALE.COM (830) 249-9339

2022 Sales: $100M–$250M

Who: An experienced team of professionals located throughout the Hill Country

and Central and South Texas.

WOW: We had our second-best year in 22 years of business.

What was your take on 2022? Strong through the third quarter, then things cooled off in the fourth quarter.

How is 2023 shaping up? The year started fast and furious, with buyers still active, and sellers bringing good properties on the market.

UNITED COUNTRY ALTATERRA REALTY & AUCTION

ALTATERRAREALTY.COM (903) 438-2585

2022 Sales: $100M–$250M

Who: Licensed in Texas, Oklahoma, and Arkansas, we specialize in rural lifestyle real estate and large premier properties.

WOW: Brought the buyer and sold an 11,390-acre legacy ranch in Oklahoma that had been in the same family for more than 80 years.

What was your take on 2022? Our area experienced a spike in activity and sales.

How is 2023 shaping up? High buyer activity and low inventory is keeping values more stable, and we expect this to continue.

UNITED COUNTRY BOBO REALTY & LAND COMPANY

BOBOREALTY.COM (903) 530-2475

2022 Sales: < $50M

Who: Specializing in rural East Texas properties, from luxury homes to cattle ranches, hobby farms to horse properties, recreational land to hunting grounds.

WOW: Sold a ranch for a client for $2.5 million. Then found a ranch for the seller and closed on it for $1.45 million.

What was your take on 2022? The land market was red hot in East Texas, and land prices rose to an all-time high. We had record sales for our company, with buyers coming to us from across the country. It was not a typical market at all.

How is 2023 shaping up? The land market will settle down and normalize compared with the wild frenzy we had in 2021 and 2022.

UNITED COUNTRY DON BELL PROPERTIES

DONBELLPROPERTIES.COM (903) 651-5615

2022 Sales: $250M–$500M

Who: Specializing in high-end horse properties, luxury residential, and large ranches for agriculture and recreational use. We offer custom ranch consultation for property owners who want to increase wildlife habitat and improve land management practices.

WOW: Represented the purchasers of the three separate divisions of the 6666 Ranch in Guthrie, Texas.

What was your take on 2022? The best year of sales for many brokers in our market. People were looking to put liquidity into large tracts of real estate for better long-term gains on their money.

How is 2023 shaping up? We have more buyers than sellers for legacy-type properties. The owners sitting on these properties do not want to let go of them.