It's not just housing sales going through the roof in Texas
Land sales are skyrocketing. Dr. Charles Gilliland with the Texas Real Estate research center at A&M says first quarter 2021 sales of large acreage rural properties grew more than 50% in West Texas and 37% statewide compared to last year. He says much of this is associated with the pandemic and unrest in more urban areas due to police shootings. "Also there seems to be an undercurrent of folks that are really concerned about the financial situation of the government with the heavy debt load they've taken on. Those guys are looking for a safe place to invest."
Just like there are bidding wars when homes go on the market, Gilliland says the same thing is happening with rural acreage.
He says he doesn't see anything on the horizon that will bring this buying surge to an end. "It is hard to conceive that it will go on at the level that it is right now forever. But at this point it looks like it can last for awhile."
Strong demand has upped the price statewide 9.5% from last year to record high $3251.00 an acre. Prices are up year over year by 50% in West Texas, 48% on the Gulf Coast and nearly 40% in the Austin Waco Hill Country. regions.