The reported demand for land by rural brokers has slowed down compared to the contest for land in 2021. However, at the end of 2022, prices had increased by 12.44 percent to $4,446 per acre statewide. By the end of 2022, a total of 719,738 acres had changed hands, down 14.96 percent from 2021. This suggests that market activity has fallen to a more normal level at high prices. The rising prices coupled with the diminished activity suggests that current buyers are focusing on higher quality properties.
In West Texas strong demand drove up prices in the region. At $2,231 per acre, prices rose 14.59 percent year over year. However, the annualized sales volume declined 22.35 percent to 879 sales. Typical size of acreage remained nearly the same, dropping 0.33 percent to 431 acres. The total dollar volume spent at $563.4 million increased by 25.71 percent compared to 2021. At 252,510 acres, total acreage sold rose 9.71 percent. Fourth quarter only sales volume fell 9.80 percent short of fourth quarter 2021 totals, 49.08 percent short of 2020 totals, but 14.05 percent above the 2019 fourth quarter sales total.
Region 3 is made up of counties located in North Texas all the way through South Central Texas.
In looking at the region as a whole, while the volume of sales has declined, the price per acreage has increased. As you can see in the graph below, the price per acre has continued to steadily increase since 2020.
Below Central Texas is broken down by cropland, rangeland and hunting lease rangeland. If you are thinking about leasing land compared to buying, be sure to check out some of the prices and how they are trending.
For more information and the full report, be sure to check it out here!
Are you a new landowner in Texas? We are bringing a series of workshops around Texas to help new landowners get involved in their communities! Our first stop is in Lubbock, followed by Corpus Christi, San Angelo, College Station, and Stephenville, Texas. For more information reach out to casey.matzke@ag.tamu.edu. Interested in registering for this free event? Click here!
