Every year, the Texas Chapter of the American Society of Farm Managers and Rural Appraisers publishes the Texas Rural Land Value Trends Report. This publication, which comes out each April, looks at land prices across Texas, broken down into 7 regions and then into several sub-regions. It reports average rates for land sales as well as land rentals. The publication also looks at how these rates have changed since the prior year, factors driving land prices, such as commodity prices and water availability, and reports on the most commonly planted crops in the region.
As an example, for Region 1, which includes much of the Panhandle and South Plains, the report shows land value ranges and rental ranges for several classes of property: Irrigated cropland (good water); irrigated cropland (fair water); dry cropland (east); dry cropland (west); rangeland; and Conservation Reserve Program. Looking at Rangeland for the “North Panhandle” area, the report shows a rental range that has been stable with stable activity at $5-12 per acre, while the land value comes in at between $450 – $1,200/acre. For the same area, irrigated cropland with good water shows value ranges from $2,800 to $4,000 per acre, which are stable, and rental rates from $150-200 per acre, which are declining.
To view the publication, click here.
Keep in mind, oftentimes the best place to get accurate information about land values and rental rates by word of mouth in the area. I always encourage folks to visit with their neighbors, with other landowners, with other livestock producers, and with their County Extension Agent when looking to determine the value of specific land in a specific area.