The Texas residential market is white hot. Buyers far outstrip sellers, creating bidding wars for high quality homes in great neighborhoods.
Just over the horizon within an hour to two-hour drive is a vast expanse of rural land that is attracting its own growing number of buyers.
Briggs Freeman Sotheby's International Realty currently has listings of more than $1 billion in rural properties. These include some iconic farms and ranches such as the 520,000-acre W.T. Waggoner Ranch in Vernon, Texas and a vast array of small and medium size farms, ranches, hunting lodges and lake homes.
There has been a steady growth in rural property sales, breaking records two years in a row.
The demand for rural Texas properties is being generated by savvy investors who want a smart place to park their money while they enjoy living on a farm or ranch year-round or on weekends.
Most of the rural properties are being purchased by Texans, but being part of an international network, ranch and land agents are finding there is great interest in Texas land among Chinese, Australian and Mexican buyers.
Rural properties are proving to be good investments because Texas ranks at the top of growth in population and jobs. As a result, prices of rural land in the Lone Star State are rising. Close-in rural properties, such as a corn farm north of Frisco, are in the path of urban growth and are selling to housing developers for top dollar. Others are just outside the growth corridor, which means these horse ranches or family farms can be enjoyed for several years before becoming attractive to a high-bidding developer.
President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. Visit ranch.briggsfreeman.com.