| 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. |
Land Prices Set Like the Sun
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Charles Gilliland, Real Estate Center
