According to a recent report, rural land sales in Texas reached record levels in 2021.
The report by The Texas A&M Real Estate Research Center says buyers scooped up almost 850,000 acres of land in more than 9,000 transactions - that's up more than 53% from 2020. The price for all that land was $3.4 billion - up almost 98% from the previous year.
For those buying property, prices jumped 29% last year, with the average now at about $3,900 an acre statewide.
Land sales in the fourth quarter did slow, and real estate analysts say that may signal a return to a more normal level of activity.
"The fourth quarter volume trend may indicate the insatiable demand that propelled prices and activity into record territory is beginning to wane," Dr. Charles Gilliland, a research economist with the Texas Real Estate Research Center at Texas A&M said. "The falling volume may also indicate market participants have begun to push back on current high asking prices.
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