Small land sales were strongest segment of Texas real estate in 2015
06/03/2016 | Author: Editorial Staff
Double-digit percent increases in the number of sales and price per acre pushed small land sales to the forefront of the Texas real estate market in 2015.
According to the Texas Small Land Sales Report, released today by the Texas Association of REALTORS®, there were 6,281 small land tracts sold in Texas in 2015, representing an 18.91% increase compared to 2014. Only Region Five: Gulf Coast-Brazos Bottom and Region Two: Far West Texas failed to show double-digit sales growth, with the latter still managing an 8.57% increase in sales.
Region Five: Gulf Coast-Brazos Bottom lost ground in terms of sales but saw the highest average price per acre, with land prices rising 9.44% to $10,002 per acre. The statewide average price per acre increased 10.21% to $5,657 per acre. Only two areas, Region One: Panhandle-South Plains and Region Four: Northeast Texas, saw their average price per acre decrease compared to 2014.
Changes in the average tract size varied by region, but as high demand and scarcity of prime tracts in some regions worked on the market, economists with the Real Estate Center at Texas A&M University explained that Texans increasingly view land as a wise investment.