June 12, 2017
Rural land prices throughout the state of Texas increased in Q1 2017, topping out at $2.563 per acre, a year-over-year increase of 3.3%. However, the market trends varied widely by region, according to information released by the Real Estate Center at Texas A&M University.
Far West Texas saw drastically higher land prices, thanks to the drilling boom in the Permian Basin. At the other end of the spectrum, the Gulf Coast-Brazos Bottom land markets saw a decline in prices for the fourth straight quarter, as low energy prices continued to take a toll on the Houston-area economy.
Uncertainty coming out of Washington DC is also providing potential uncertainty among land buyers. Land brokers reported an increase in phone calls following the presidential election; but the increase in inquiries hasn’t translated into more transactions.
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