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Land Prices Set Like the Sun

Dallas-Ft. Worth
Land Prices Set Like the Sun
North Texas sunset
After four straight years of increasing prices and setting record highs, Texas land prices plummeted to record lows last year. Real Estate Center at Texas A&M research economist Dr. Charles Gilliland says prices were influenced by the type of land being sold-although prices for cropland remained strong, 80% of Texas land is pasture and rangeland, so "market indicators largely reflect conditions for those land types." The year-end 2009 average price per acre was $2,086, 7% less than the record high $2,247 established in '08. Sales transactions dropped to 4,138, the fewest since 1995. (The peak was 8,005 in 2005.) The average tract size slumped to a record low 73 acres, down from 90 acres in '08.