Texas Land Markets Second Quarter 2024
Four-Quarter Texas Rural Land Prices 5,000
Nominal Real or Deflated 3,000
R EP O RT BY C H A R L E S E . G I L L I L A N D, P H . D. Research Economist, Texas Real Estate Research Center at Texas A&M University
1,000
0 2015
2016
2017
2018
2019
2020
2021
2022
2024P
2023
S
Four-Quarter Volume of Sales 9,500
6500
3500
0 2015
2016
2017
2018
2019
2020
2021
2022
2023
2024P
2022
2023
2024P
Four-Quarter Year-to-Year Precentage Change in Price 30
20
10
0 2015
40
2016
2017
| LEGENDARY LIVING
2018
2019
2020
2021
ales volume in Texas land markets continues to recede with the number of sales in the four quarters ending in June 2024 at 3,171 falling 65 percent from the 2021 record of 9,055. The 2024 volume even fell 1.4 percent below the first quarter total. Still, at $4,737, the second quarter price did rise 4.48 percent from 2023 second quarter prices and 36.5 percent higher than the 2021 second-quarter price. Reflecting the drop in the number of sales, total acres changing hands declined to 223,433 acres, a 34.94 percent decline from 2023 second quarter results with total dollar volume falling 32.03 percent short of 2023 second quarter totals, settling at $1.1 billion well shy of the $4 billion record registered in the first quarter of 2021. The continued increase in statewide price occurred despite price declines in two Texas regional markets. West Texas saw prices drop 6.21 percent while Gulf Coast-Brazos Bottom prices slid 2.44 percent. Given these market realities, land values may have actually declined. Markets have begun to adapt to the new high-interest rate environment with good properties continuing to sell while lesser tracts find no buyers. Despite the headwinds overall prices still appear to be rising despite weakened conditions.