The white-hot Texas land market has cooled off. The Texas Real Estate Research Center reports that sales of rural land in the Lone Star State fell 26.5 percent between mid-2021 and mid-2022.
Per Texas Land and Market Latest Developments, land sales slowed considerably from last year’s frenzied pace. Quarterly figures compiled by the Texas Real Estate Research Center indicate that the number of transactions dropped by almost one-third from 2,710 in Q2 2021 to 1,822 transactions in Q2 2022. A total of 850,469 acres changed hands, a 3.67 percent gain over 2021.
“This trend toward rising prices and declining activity suggests demand is dropping,” said Research Economist Dr. Charles Gilliland. “If so, brokers may begin to find ebbing enthusiasm among potential buyers.”
Texas Real Estate Research Center
The Texas Real Estate Research Center was created by the Texas Legislature. Real estate licensing fees comprise the bulk of its funding. The Center creates data-driven content for the real estate industry, real-estate instructors, researchers, and the general public.