Is Texas’ pandemic land run coming to an end? Sales decline at the end of record year
The pandemic ushered in a land rush for rural Texas, but the unprecedented high slowed quickly at the end of 2021.
Total land sales in 2021 exceeded 2020 by 17.8%, but the fourth quarter of 2021 ended with 953 fewer sales than the fourth quarter of 2020, reports the Texas Real Estate Research Center.
“Fourth quarter 2020 was crazy,” said research economist Charles Gilliland. “So anything near normal looks pretty calm by comparison.”
The drop in fourth quarter sales may be caused by lack of inventory, he said.
Statewide, land prices rose 29% in 2021 to $3,954 per acre. Each Texas region reported double-digit price increases.
“This continues to be the most active period in Texas land market history,” Gilliland said.
Even for Gilliland, who’s studied the Texas land market for 40 years, it’s difficult to predict what’s next.
The data appears to show that the land market could be returning to some normalcy, he said. But brokers say they remain busy with prospective buyers.
This story was originally published March 3, 2022 at 10:43 AM.
