Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a...

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TEXAS SMALL LAND SALES REPORT 2018 Edition

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Page 1: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT

2018 Edition

Page 2: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT

ABOUT THE TEXAS SMALL LAND SALES REPORT The Texas Small Land Sales Report analyzes small land sales data and trends across seven regions of Texas utilizing survey data aggregated by the Real Estate Center at Texas A&M University. The Texas Association of REALTORS® distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends, and more.

ABOUT THE TEXAS ASSOCIATION OF REALTORS® With more than 114,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

MEDIA CONTACT Hunter Dodson Pierpont Communications [email protected] 512.448.4950

Page 3: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

REPORT SUMMARY

TEXAS SMALL LAND SALES REPORT

The latest edition of the Texas Small Land Sales Report shows that demand for land in Texas was strong in 2017, while sales volume topped $1 billion. In recent years, small land sales have been a strong indicator of the overall health of the Texas housing market. The number of land sales increased as the price per acre declined slightly, indicating a healthy market for small land purchases for a wide range of uses, including recreation, residential, investment, commercial development, and farm land Texas small land sales volume grew 8.5 percent in 2017 to 7,588 small land tracts sold. This is the fifth straight year Texas saw small land sales volume increase. During the same time frame, the average price per acre declined 2.2 percent from the previous year to $5,521 an acre. This marks the first time total dollar volume topped $1 billion. The definition of a “small” land sale varies from region to region but generally is considered to be a land sale of 200 acres or less. The exception is Far West Texas, where 500 to 8,000 acres qualifies as a small land sale. Strong small land sales growth was evident in all regions of the state, with small land purchases in Far West Texas and West Texas experiencing annual gains of more than 50 percent. Small land sales in the Austin-Waco-Hill Country area experienced the smallest gains at 0.12 percent. As demand for small land tracts continued to increase, the average tract size for small land sales in Texas for 2017 remained the same as in 2016 at 36 acres. Northeast Texas and the Gulf Coast-Brazos Bottom areas were the only regions that experienced increases in average price per acre, increasing 5 percent and 3.4 percent, respectively.

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Region I: Panhandle & South Plains Region 2: Far West Texas Region 3: West Texas Region 4: Northeast Texas Region 5: Gulf Coast – Brazos Bottom Region 6: South Texas Region 7: Austin – Waco – Hill Country

TEXAS LAND REGIONS REGION LIST

Region maps created by the Real Estate Center at Texas A&M University

The definition of a small land sale varies from region to region. The Real Estate Center at Texas A&M University generally defines a small land sale as a land sale of 200 acres or less. The exception is Far West Texas, where 500 to 8,000 acres qualifies as a small land sale.

What Defines a “Small Land Sale”?

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TEXAS SMALL LAND SALES REPORT

Panhandle & South Plains Far West Texas West Texas Northeast Texas Gulf Coast –

Brazos Bottom

$334 $2,776 $8,731 $10,532

Average Price Per Acre for Small Land Purchases in 2017 by Region

South Texas

$8,392 Austin – Waco –

Hill Country

$8,524 $2,374

STATEWIDE OVERVIEW

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TEXAS SMALL LAND SALES REPORT

STATEWIDE OVERVIEW

2.5%

1.3% 6.6% 31.8% 17.0% 9.1% 31.8%

Panhandle & South Plains Far West Texas West Texas

Northeast Texas Gulf Coast - Brazos Bottom South Texas

Austin-Waco-Hill Country

Texas Small Land Sales by Region: 2017

12,571

10,343 22,049 45,464 26,567 14,117 54,866

Panhandle & South Plains Far West Texas West Texas

Northeast Texas Gulf Coast - Brazos Bottom South Texas

Austin-Waco-Hill Country

Total Acreage Sold by Region: 2017

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• Encompasses the northernmost regions in the state as well as the Amarillo, Lubbock, Odessa and Midland areas.

• Small land sales consist of land parcels of 159

acres or less. • Includes the following Texas counties: Andrews,

Armstrong, Bailey, Borden, Briscoe, Carson, Castro, Cochran, Crosby, Dallam, Dawson, Deaf Smith, Ector, Floyd, Gaines, Garza, Gray, Hale, Hansford, Hartley, Hemphill, Hockley, Howard, Hutchinson, Lamb, Lipscomb, Lubbock, Lynn, Martin, Midland, Moore, Ochiltree, Oldham, Parmer, Potter, Randall, Roberts, Sherman, Swisher, Terry, and Yoakum.

REGION ONE: PANHANDLE & SOUTH PLAINS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region One: Panhandle and South Plains

Average Price Per Acre

2016

2017

163

187

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

63 acres

55 acres

2016

2017

$27,832,562 $29,848,196

Total Sales Dollar Volume 2016 2017

2017 2016

Total Acres Sold

12,571 11,723

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• Encompasses the westernmost regions in the state as well as the El Paso area.

• Small land sales typically consist of land

parcels of 500 to 8,000 acres, although small land sales of less than 500 acres are included within report data as well.

• Includes the following Texas counties:

Brewster, Crane, Culberson, El Paso, Hudspeth, Jeff Davis, Loving, Pecos, Presidio, Reeves, Terrell, Ward and Winkler.

REGION TWO: FAR WEST TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Two: Far West Texas

$7,436,944 $3,456,303

Total Sales Dollar Volume 2016 2017

2017 2016

Total Acres Sold

49

100

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

58 acres

2016

2017

Average Price Per Acre

2016

2017

79 acres

10,343 5,643

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• Encompasses cross-sections of North, Central and South Central Texas, stretching from the Oklahoma border all the way down to the Mexican border. Region Three includes the San Angelo and Abilene areas.

• Small land sales consist of land parcels of 94 acres or less.

• Includes the following Texas counties: Archer,

Baylor, Childress, Clay, Coke, Collingsworth, Concho, Cottle, Crockett, Dickens, Donley, Edwards, Fisher, Foard, Glasscock, Hall, Hardeman, Haskell, Jones, Kent, King, Kinney, Knox, Love, Mitchell, Motley, Nolan, Reagan, Runnels, Schleicher, Scurry, Shackelford, Stephens, Sterling, Stonewall, Sutton, Taylor, Throckmorton, Tom Green, Upton, Val Verde, Wheeler, Wichita, Wilbarger and Young.

REGION THREE: WEST TEXAS CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Three: West Texas

$42,070,227 $61,196,921

Total Sales Dollar Volume 2016 2017

2017 2016

Total Acres Sold

290

500

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

43 acres

2016

2017

Average Price Per Acre

2016

2017

39 acres

22,049 13,462

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• Encompasses the Dallas-Fort Worth-Arlington, Longview, Sherman-Denison, Texarkana, Tyler and Wichita Falls areas.

• Small land sales consist of land parcels of

33 acres or fewer. • Includes the following Texas counties:

Anderson, Angelina, Bowie, Camp, Cass, Cherokee, Collin, Cooke, Dallas, Delta, Denton, Ellis, Fannin, Franklin, Grayson, Gregg, Harrison, Henderson, Hood, Hopkins, Houston, Hunt, Jasper, Johnson, Kaufman, Lamar, Marion, Montague, Morris, Nacogdoches, Newton, Palo, Pinto, Panola, Parker, Polk, Rains, Red River, Rockwall, Rusk, Sabine, San Augustine, Shelby, Smith, Somervell, Tarrant, Titus, Trinity, Tyler, Upshur, Van Zandt, Wise and Wood.

REGION FOUR: NORTHEAST TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Four: Northeast Texas

$350,367,952 $396,933,722

Total Sales Dollar Volume 2016 2017

2017 2016

Total Acres Sold

2,230

2,412

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

18 acres

2016

2017

Average Price Per Acre

2016

2017

18 acres

45,464 42,138

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• Encompasses the Beaumont-Port Arthur, Bryan-College Station, Houston-The Woodlands-Sugarland and Victoria areas.

• Small land sales consist of land parcels of 42 acres or less.

• Includes the following Texas counties:

Austin, Brazoria, Brazos, Burleson, Calhoun, Chambers, Colorado, De Witt, Fayette, Fort Bend, Galveston, Gonzales, Grimes, Hardin, Harris, Jackson, Jefferson, Lavaca, Leon, Liberty, Madison, Matagorda, Montgomery, Orange, Robertson, San Jacinto, Victoria, Walker, Waller, Washington and Wharton.

REGION FIVE: GULF COAST – BRAZOS BOTTOM

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Five: Gulf Coast – Brazos Bottom

$258,360,332 $279,794,119

Total Sales Dollar Volume 2016 2017

2017 2016

Total Acres Sold

1,250

1,290

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

18 acres

2016

2017

Average Price Per Acre

2016

2017

18 acres

26,567 25,373

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• Encompasses the Brownville-Harlingen, Corpus Christi Laredo, McAllen-Edinburg-Mission and San Antonio-New Braunfels areas.

• Small land sales consist of land parcels of 44 acres or less.

• Includes the following Texas counties:

Aransas, Atascosa, Bee, Bexar, Brooks, Cameron, Comal, Dimmit, Duval, Frio, Goliad, Guadalupe, Hidalgo, Jim Hogg, Jim Wells, Karnes, Kenedy, Kleberg, La Salle, Live Oak, Maverick, McMullen, Medina, Nueces, Refugio, San Patricio, Starr, Uvalde, Webb, Willacy, Wilson and Zavala.

REGION SIX: SOUTH TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Six: South Texas

$106,079,365 $118,460,436

Total Sales Dollar Volume 2016 2017

14,117

2017 2016

Total Acres Sold

601

687

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

19 acres

2016

2017

Average Price Per Acre

2016

2017

19 acres

12,617

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• Encompasses the Austin-Round Rock, Killeen-Temple-Fort Hood and Waco areas.

• Small land sales consist of land parcels 49 of acres or less.

• Includes the following Texas counties:

Bandera, Bastrop, Bell, Blanco, Bosque, Brown, Burnet, Caldwell, Callahan, Coleman, Comanche, Coryell, Eastland, Erath, Falls, Freestone, Gillespie, Hamilton, Hays, Hill, Kendall, Kerr, Kimble, Lampasas, Lee, Limestone, Llano, Mason, McCulloch, McLennan, Menard, Milam, Mills, Navarro, Real, San Saba, Travis and Williamson.

REGION SEVEN: AUSTIN – WACO – HILL COUNTRY

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT

Region Seven: Austin – Waco – Hill Country

$478,290,163 $467,658,962

Total Sales Dollar Volume 2016 2017

2017

55,078

2016

Total Acres Sold

2,409

2,412

Small Land Sales Volume

Number of Sales in

2017 vs. 2016

2016

2017

Average Tract Size

20 acres

2016

2017

Average Price Per Acre

2016

2017

20 acres

54,866

Page 21: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT

2017 Edition

Page 22: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

ABOUT THE TEXAS SMALL LAND SALES REPORT The Texas Small Land Sales Report analyzes small land sales data and trends

across seven regions of Texas utilizing survey data aggregated by the Real

Estate Center at Texas A&M University. The Texas Association of REALTORS®

distributes insights about the Texas housing market each month, including

quarterly market statistics, trends among homebuyers and sellers, luxury home

sales, international trends, and more.

ABOUT THE TEXAS ASSOCIATION OF REALTORS® With more than 110,000 members, the Texas Association of REALTORS® is a

professional membership organization that represents all aspects of real estate

in Texas. We advocate on behalf of Texas REALTORS® and private-property

owners to keep homeownership affordable, protect private-property rights, and

promote public policies that benefit homeowners. Visit TexasRealEstate.com to

learn more.

MEDIA

CONTACT

Hunter Dodson

Pierpont Communications

[email protected]

512.448.4950

Page 23: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

REPORT SUMMARY

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

The latest edition of the Texas Small Land Sales Report showed strong gains in small land sales volume as well as a

slight decline in small land prices statewide in 2016.

Rapid population growth throughout Texas continues to drive a strong demand for land, particularly around major

metropolitan areas as increased urban sprawl drives the need for development and housing. As in past years, Texas

small land sales also continue to be driven by ongoing farm and ranching activity as well as demand for recreational

and retirement properties in various regions throughout the state.

Annual growth of small land sales volume and average price per acre varied across the state’s seven regions in

2016. Far West Texas, Northeast Texas and the Austin-Waco-Hill Country regions each experienced annual small

land sales gains of more than 20 percent. Conversely, West Texas was the only region to experience a decline in

small land sales volume during the same time frame.

In 2016, the price growth for small land acreage in Texas was slowed by an ongoing normalization across the

statewide real estate market, as market activity realigns with long-term historical growth trends after multiple years of

aggressive growth. On a regional level, however, land price changes varied widely depending on the availability of

prime land and changes in land use costs and industry activity specific to each region. The Panhandle & South

Plains, for example, experienced double-digit land price gains due to rising irrigated farmland costs and an uptick in

oil industry activity.

Greater demand in Texas also meant smaller land tracts were sold in 2016. The average tract size for Texas small

land purchases declined three acres from 2015 to 36 acres. In most regions, the average tract size for small land

purchases hovered around 20 acres.

Page 24: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

Region I: Panhandle & South Plains

Region 2: Far West Texas

Region 3: West Texas

Region 4: Northeast Texas

Region 5: Gulf Coast – Brazos Bottom

Region 6: South Texas

Region 7: Austin – Waco – Hill Country

TEXAS LAND REGIONS

REGION LIST

Region maps created by the Real Estate Center at Texas A&M

University

The definition of a small land sale varies from region to region. The Real Estate Center at Texas A&M University

(Real Estate Center) generally defines a small land sale as a land purchase of 200 acres or less. The exception is

Far West Texas, in which 500 to 8,000 acres qualifies as a small land sale.

What Defines a “Small Land Sale”?

Page 25: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

STATEWIDE OVERVIEW Texas small land sales continue to be one of the highest-

performing and fastest-growing segments of the Texas real

estate market, with small land sales increasing 14.2 percent

from 2015 to just under 7,000 small land purchases statewide in

2016.

At the same time, the Texas real estate industry is experiencing

a normalization of market trends. In both residential real estate

as well as land sales activity, market trends are slowing from

the aggressive growth seen from 2013 to 2015 and realigning

with long-term, historical growth trends. This normalization of

the market led to a slight decrease in the average price per

acre in small land sales in 2016. The average price per acre of

small land purchases in Texas declined 0.3 percent from 2015

to $5,647 per acre.

Greater acreage demand in Texas also meant increasingly

smaller land tracts were sold in 2016. The average tract size for

Texas small land purchases declined three acres from 2015 to

36 acres. In most regions, the average tract size for small land

purchases hovered between 18 and 20 acres. The exceptions

were the Panhandle and South Plains and Far West Texas,

where the agricultural and ranching industries that drive most

land purchases require a higher volume of acreage.

Page 26: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Panhandle &

South Plains

Far West

Texas West Texas

Northeast

Texas

Gulf Coast –

Brazos

Bottom

$1,318 $3,125 $8,315 $10,182

Average Price Per Acre for Small Land Purchases in 2016

by Region

South Texas

$8,407 Austin – Waco

– Hill Country

$8,684 $2,374

STATEWIDE OVERVIEW The average price per acre for small land purchases varies widely

across the state, with higher per-acre prices occurring in regions

containing major metro areas such as Austin, Dallas-Fort Worth and

Houston.

Combined with close proximity to the Houston area, the high market

value of coastal property made land values in the Gulf Coast-Brazos

Bottom among the highest in the state. Conversely, the sparse

population and development activity in Far West Texas made small land

costs in that region among the lowest in the state.

Growing shortages of prime land are affecting small land sales activity

across the state. In some regions, land buyers are paying less for larger

acreage tracts of less-desirable land tracts, such as those which require

more development or are not ideally located.

Industry developments also led to varying levels of land price growth

across Texas. Rising prices of irrigated farmland are driving up land

costs in agriculture-heavy regions, while residual effects of the oil and

gas downturn are curbing small land sales activity throughout West and

South Texas.

Page 27: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

STATEWIDE OVERVIEW

2.3%

0.7%

4.2% 31.9% 17.9%

Panhandle & South Plains Far West Texas

West Texas Northeast Texas

Gulf Coast - Brazos Bottom South Texas

Austin-Waco-Hill Country

8.6 34.5

%

Texas Small Land Sales by Region: 2016

11,723

5,643

Panhandle & South Plains Far West Texas

West Texas Northeast Texas

Gulf Coast - Brazos Bottom South Texas

Austin-Waco-Hill Country

12,617 55,078 25,373 42,138 13,462

Total Acreage Sold by Region: 2016 More populous regions such as Gulf Coast-Brazos

Bottom, Northeast Texas and Austin-Waco-Hill

Country made up nearly 85 percent of small land

purchases statewide. The Austin-Waco-Hill Country

region comprised 34.5 percent of all Texas small land

purchased in 2016.

While the reasons for purchasing a small land tract

vary widely across the state – from recreational

ranchettes in the Texas Hill Country to commercial

ranches in Far West Texas – increased urban sprawl

due to statewide population growth could begin to

impact the viability of certain land uses across the

state.

This is particularly evident for agricultural and

ranching operations in Texas, as increased urban

development is slowly decreasing the volume of

working land – privately owned farms, ranches, and

forests that produce goods as well as preserve

natural resources and wildlife habitats. In its most

recent Texas Land Trends Report, the Texas A&M

Natural Resources Institute cites a loss of 1.1 million

acres in working land statewide since 1997. Such

working lands play an integral role in local economies

and could threaten statewide industries as Texas

continues to grow.

Page 28: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

• Encompasses the northernmost regions in the state

as well as the Amarillo, Lubbock, Odessa and Midland

Metropolitan Statistical Areas (MSAs).

• Small land sales consist of land parcels of 159 acres

or less.

• Includes the following Texas counties: Andrews,

Armstrong, Bailey, Borden, Briscoe, Carson, Castro,

Cochran, Crosby, Dallam, Dawson, Deaf Smith, Ector,

Floyd, Gaines, Garza, Gray, Hale, Hansford, Hartley,

Hemphill, Hockley, Howard, Hutchinson, Lamb,

Lipscomb, Lubbock, Lynn, Martin, Midland, Moore,

Ochiltree, Oldham, Parmer, Potter, Randall, Roberts,

Sherman, Swisher, Terry, and Yoakum.

REGION ONE: PANHANDLE & SOUTH PLAINS

CHARACTERISTICS

Page 29: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region One: Panhandle and South Plains

Average Price Per Acre

2015

2016

Small land sales in the Texas Panhandle and

South Plains region are heavily influenced by

agricultural trends. The Real Estate Center

states that nearly 50 percent of land use in this

region is for dry or irrigated crop production.

In 2016, rising demand for irrigated farmland led

to moderate gains in small land sales activity and

strong gains in acreage prices throughout the

region.

Small land sales increased 3.8 percent year-

over-year to 163 sales in 2016, while the

average price per acre for small land tracts

surged 34.8 percent to $2,374 per acre during

the same time frame. This was the highest

annual price gain of any Texas region in 2016.

The average land tract size in Region One was

63 acres, or 17 fewer acres than the year prior.

Region One had the largest average tract size of

any Texas region in 2016, but also the highest

decline in average tract size from 2015.

157

163

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

80 acres

63 acres

2015

2016

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region One: Panhandle and South Plains

$23,101,290 $27,832,562

Total Sales Dollar Volume

2015

2016

11,723

2016

13,117

2015

Total Acres Sold

The total acreage of small land parcels sold

declined 10.6 percent from 2015 to 11,723 total

acres sold.

The total sales dollar volume of small land sales

in Region One was $27,832,562, a 20.48 percent

increase from 2015.

Region One still comprises a relatively small

portion of all small land sales statewide. In 2016,

2.3 percent of Texas small land sales were sold

in the Panhandle and South Plains.

While low commodity prices continue to impact

the profitability of farming operations, the Real

Estate Center states that small land sales and

pricing in Region One is being driven by buying

activity among farmers, particularly in the dairy

sector. Dairies are purchasing cropland to grow

their own feed and eliminate future feed cost risk.

Page 31: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

• Encompasses the westernmost regions in the

state as well as the El Paso MSA.

• Small land sales typically consist of land

parcels of 500 to 8,000 acres, although small

land sales of less than 500 acres are included

within report data as well.

• Includes the following Texas counties:

Brewster, Crane, Culberson, El Paso,

Hudspeth, Jeff Davis, Loving, Pecos, Presidio,

Reeves, Terrell, Ward and Winkler.

REGION TWO: FAR WEST TEXAS

CHARACTERISTICS

Page 32: Texas Small Land Sales Report - Texas A&M University · 6/1/2016  · The definition of a “small” land sale varies from region to region but generally is considered to be a land

TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Two: Far West Texas

Average Price Per Acre

2015

2016

Far West Texas was one of only two regions to

experience annual declines in average price per

acre in 2016, falling 64.9 percent to $1,318 per

acre. This was the largest annual price drop of

any Texas region in 2016.

Conversely, small land sales posted strong gains

in 2016, increasing 29 percent year-over-year to

49 sales in 2016. This was the highest annual

gain in small land sales volume of any Texas

region.

The Real Estate Center attributes the price

declines to market volatility generated from oil

and gas activity in that region, rather than an

indicator of a true market trend.

The average land tract size in Region Two was

58 acres, or 14 fewer acres than the year prior.

Although the definition for small land sales in

Region Two is by far the highest in the state

(between 500-8,000 acres), Region Two had the

second-highest average tract size among the

seven Texas regions in 2016.

38

49

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

72 acres

58 acres

2015

2016

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Two: Far West Texas

$16,981,497 $7,436,944

Total Sales Dollar Volume

2015

2016

In Far West Texas, the total acreage of small

land parcels sold increased 24.6 percent from

2015 to 5,643 total acres sold. This is the highest

annual gain in total acreage sold for a region in

2016.

The total sales dollar volume of small land sales

in Region Two was $7,436,944, a 56.21 percent

decrease from 2015.

Region Two comprises a fraction of all small land

sales statewide. In 2016, less than one percent

(0.7 percent) of Texas small land sales were sold

in Far West Texas.

While there is growing demand for urban

development surrounding El Paso as well as for

recreational properties in the Big Bend area, the

overall demand for small land tracts in Far West

Texas will continue to be dominated by ranching

and mining activity. Region Two’s sprawling

native rangelands are ideal for cattle grazing as

well as oil and gas exploration and development.

4,529

2016

5,643

2015

Total Acres Sold

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• Encompasses cross-sections of North, Central

and South Central Texas, stretching from the

Oklahoma border all the way down to the Mexican

border. Region Three includes the San Angelo and

Abilene MSAs.

• Small land sales consist of land parcels of 94

acres or less.

• Includes the following Texas counties: Archer,

Baylor, Childress, Clay, Coke, Collingsworth,

Concho, Cottle, Crockett, Dickens, Donley,

Edwards, Fisher, Foard, Glasscock, Hall,

Hardeman, Haskell, Jones, Kent, King, Kinney,

Knox, Love, Mitchell, Motley, Nolan, Reagan,

Runnels, Schleicher, Scurry, Shackelford,

Stephens, Sterling, Stonewall, Sutton, Taylor,

Throckmorton, Tom Green, Upton, Val Verde,

Wheeler, Wichita, Wilbarger and Young.

REGION THREE: WEST TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Three: West Texas

West Texas was the only region to experience

annual declines in small land sales volume in

2016, falling 20.6 percent year-over-year to 290

small land sales in 2016.

The average price per acre for small land sales

in Region Three increased slightly from 2015,

rising 3.8 percent year-over-year to $3,125 per

acre.

The average land tract size in West Texas in

2016 was 43 acres, six additional acres than the

year prior. On a regional level, this was the

highest annual gain in average tract size among

small land sales in 2016.

Modest gains in average price per acre as well

as an increasing average tract size year-over-

year indicates that small land sales in West

Texas are being impacted by the growing

shortage of prime land as buyers are forced to

consider less-desirable tracts. Such properties

may not be ideally located, lack fencing or water,

or require additional development.

365

290

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

43 acres

37 acres

2015

2016

Average Price Per Acre

2015

2016

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Three: West Texas

$46,759,108

$42,070,227

Total Sales Dollar Volume

2015

2016

In West Texas, the total acreage of small land

parcels sold declined 13.3 percent from 2015 to

13,462 total acres sold. This is the highest year-

over-year decline in total acreage sold among

Texas regions in 2016.

The total sales dollar volume of small land sales

in Region Three was $42,070,227, a 10.03

percent decline from 2015. West Texas was only

one of two Texas regions to experience an

annual decline in sales dollar volume in 2016.

Region Three comprises a small portion of all

small land sales statewide. In 2016, 4.2 percent

of Texas small land sales were sold in West

Texas.

Like many other regions in Texas, small land

sales in West Texas are heavily impacted by

farming, ranching and oil and gas drilling activity.

According to the Real Estate Center, the demand

for smaller parcels of West Texas rangeland is

notably greater than the demand for large

rangeland tracts.

2016

13,462

2015

Total Acres Sold

15,530

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• Encompasses the Dallas-Fort Worth-Arlington,

Longview, Sherman-Denison, Texarkana, Tyler

and Wichita Falls MSAs.

• Small land sales consist of land parcels of 33

acres or fewer.

• Includes the following Texas counties: Anderson,

Angelina, Bowie, Camp, Cass, Cherokee, Collin,

Cooke, Dallas, Delta, Denton, Ellis, Fannin,

Franklin, Grayson, Gregg, Harrison, Henderson,

Hood, Hopkins, Houston, Hunt, Jasper, Johnson,

Kaufman, Lamar, Marion, Montague, Morris,

Nacogdoches, Newton, Palo, Pinto, Panola,

Parker, Polk, Rains, Red River, Rockwall, Rusk,

Sabine, San Augustine, Shelby, Smith, Somervell,

Tarrant, Titus, Trinity, Tyler, Upshur, Van Zandt,

Wise and Wood.

REGION FOUR: NORTHEAST TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Four: Northeast Texas

Northeast Texas experienced strong gains in

small land sales volume in 2016, jumping 20.9

percent year-over-year to 2,230 small land sales.

The average price per acre for small land sales

in Region Four also experienced strong growth in

2016, rising 13.3 percent year-over-year to

$8,315 per acre.

The average land tract size in Northeast Texas in

2016 was 18 acres, one less acre than the year

prior. Along with Region Five, Region Four had

the smallest average land tract size in 2016.

Northeast Texas has one of the most diverse

ranges of land usage in the state. In addition to

strong demand for pastureland as well as

recreational properties, the region’s Piney Woods

areas are also in high demand due to strong

timber prices.

1,845

2,230

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

19 acres

18 acres

2015

2016

Average Price Per Acre

2015

2016

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Four: Northeast Texas

$260,622,970

$350,367,952

Total Sales Dollar Volume

2015

2016

In Northeast Texas, the total acreage of small

land parcels sold jumped 18.7 percent from 2015

to 42,138 total acres sold.

The total sales dollar volume of small land sales

in Region Four was $350,367,952 – a 34.43

percent jump from 2015. This was the highest

annual gain in total sales dollar volume among

all Texas regions in 2016.

Due to high property demand surrounding the

Dallas-Fort Worth metro area, Region Four

comprised nearly one-third of all small land sales

statewide. In 2016, 31.9 percent of Texas small

land sales were sold in Northeast Texas.

With strong population growth, recreational

activity and diverse industry activity, the

Northeast Texas region continues to have one of

the highest-performing small land markets in the

state of Texas. 2016

42,138

2015

Total Acres Sold

35,510

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• Encompasses the Beaumont-Port Arthur, Bryan-

College Station, Houston-The Woodlands-

Sugarland and Victoria MSAs.

• Small land sales consist of land parcels of 42 acres

or less.

• Includes the following Texas counties: Austin,

Brazoria, Brazos, Burleson, Calhoun, Chambers,

Colorado, De Witt, Fayette, Fort Bend, Galveston,

Gonzales, Grimes, Hardin, Harris, Jackson,

Jefferson, Lavaca, Leon, Liberty, Madison,

Matagorda, Montgomery, Orange, Robertson, San

Jacinto, Victoria, Walker, Waller, Washington and

Wharton.

REGION FIVE: GULF COAST – BRAZOS BOTTOM

CHARACTERISTICS

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Region Five: Gulf Coast – Brazos Bottom

The Gulf Coast – Brazos Bottom experienced strong

gains in small land sales volume in 2016, increasing

10 percent year-over-year to 1,250 small land sales.

The average price per acre for small land sales in

Region Five also increased in 2016, rising 1.9

percent year-over-year to $10,182 per acre. Due to

Region Five’s inclusion of the Houston metro area as

well as high market values for coastal property, the

average price per acre in this region is the highest in

the state.

The average land tract size in the Gulf Coast –

Brazos Bottom in 2016 was 18 acres, one less acre

than the year prior. Along with Region Four, Region

Five had the smallest average land tract size in 2016.

Second homes and recreational properties make up

a large majority of the demand for small land tracts in

Region Five. Individuals in and around Houston are

purchasing outlying properties and ranches for

investment, weekend retreats or hunting. Commercial

development also continues to be strong, particularly

surrounding Houston and in the Brazos Valley.

1,136

1,250

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

19 acres

18 acres

2015

2016

Average Price Per Acre

2015

2016

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Region Five: Gulf Coast – Brazos Bottom

$235,800,875 $258,360,332

Total Sales Dollar Volume

2015

2016

In the Gulf Coast – Brazos Bottom, the total

acreage of small land parcels sold rose 7.6

percent from 2015 to 25,373 total acres sold.

The total sales dollar volume of small land sales

in Region Five was $258,360,332, a 9.57 percent

increase from 2015.

Due to high property demand surrounding the

Houston metro area, Region Five comprised

nearly one-fifth of all small land sales statewide.

In 2016, 17.9 percent of Texas small land sales

were sold in the Gulf Coast – Brazos Bottom.

Historically, small land sales activity in Region

Five is influenced by the price of oil more than in

any other region. Strong population growth in this

region as well as recovering oil prices could

continue to boost small land sales activity

through 2017. 2016

25,373

2015

Total Acres Sold

23,589

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• Encompasses the Brownville-Harlingen,

Corpus Christi Laredo, McAllen-Edinburg-

Mission and San Antonio-New Braunfels

MSAs.

• Small land sales consist of land parcels of

44 acres or less.

• Includes the following Texas counties:

Aransas, Atascosa, Bee, Bexar, Brooks,

Cameron, Comal, Dimmit, Duval, Frio,

Goliad, Guadalupe, Hidalgo, Jim Hogg,

Jim Wells, Karnes, Kenedy, Kleberg, La

Salle, Live Oak, Maverick, McMullen,

Medina, Nueces, Refugio, San Patricio,

Starr, Uvalde, Webb, Willacy, Wilson and

Zavala.

REGION SIX: SOUTH TEXAS

CHARACTERISTICS

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TEXAS SMALL LAND SALES REPORT | 2017 EDITION

Region Six: South Texas

South Texas experienced modest gains in small

land sales volume in 2016, increasing 1.4 percent

year-over-year to 601 small land sales.

Conversely, the average price per acre for small

land sales in Region Six declined slightly in 2016,

decreasing 3.9 percent year-over-year to $8,407

per acre.

The average land tract size in South Texas in 2016

was 19 acres, one acre more than the year prior.

Modest gains in average price per acre as well as

an increasing average tract size year-over-year

indicates that small land sales in South Texas are

being impacted by the growing shortage of prime

land as buyers are forced to consider less-desirable

tracts. Such properties may not be ideally located,

lack fencing or water, or require additional

development.

593

601

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

18 acres

19 acres

2015

2016

Average Price Per Acre

2015

2016

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Region Six: South Texas

$103,503,041 $106,079,365

Total Sales Dollar Volume

2015

2016

In South Texas, the total acreage of small land

parcels sold rose 6.7 percent from 2015 to

12,617 total acres sold.

The total sales dollar volume of small land sales

in Region Six was $106,079,365, a 2.49 percent

increase from 2015.

Despite inclusion of the San Antonio metro area,

Region Six comprised a relatively small portion

of small land sales statewide. In 2016, 8.6

percent of Texas small land sales were sold in

South Texas.

Oil and gas activity in the Eagle Ford Shale

continues to impact small land sales activity in

South Texas, with uncertainty in the market

lingering from the recent downturn in the energy

sector. According to the Real Estate Center,

discussions at a national level for a proposed

border wall and renegotiations of the North

American Free Trade Agreement (NAFTA) could

impact South Texas land values and thus is also

increasing concerns among potential buyers.

2016

12,617

2015

Total Acres Sold

11,826

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• Encompasses the Austin-Round Rock,

Killeen-Temple-Fort Hood and Waco MSAs.

• Small land sales consist of land parcels 49

of acres or less.

• Includes the following Texas counties:

Bandera, Bastrop, Bell, Blanco, Bosque,

Brown, Burnet, Caldwell, Callahan,

Coleman, Comanche, Coryell, Eastland,

Erath, Falls, Freestone, Gillespie, Hamilton,

Hays, Hill, Kendall, Kerr, Kimble,

Lampasas, Lee, Limestone, Llano, Mason,

McCulloch, McLennan, Menard, Milam,

Mills, Navarro, Real, San Saba, Travis and

Williamson.

REGION SEVEN: AUSTIN – WACO – HILL COUNTRY

CHARACTERISTICS

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Region Seven: Austin – Waco – Hill Country

The Austin – Waco – Hill Country region

experienced strong gains in small land sales

volume in 2016, jumping 21 percent year-over-year

to 2,409 small land sales. Once again, Region

Seven led the state in small land sales volume in

2016.

The average price per acre for small land sales in

Region Seven also increased in 2016, rising 3.9

percent year-over-year to $8,684 per acre. Due to

Region Seven’s inclusion of the Austin metro area

as well as high market values for Hill Country

property, the average price per acre in this region is

the second-highest in the state.

The average land tract size in the Austin – Waco –

Hill Country region in 2016 was 20 acres, which is

unchanged from the year prior.

With some of the fastest growing local market

areas in the nation, high demand for land within

Region Seven continues to be driven by immediate

development needs. Recreational properties for

Austin residents as well as farmland in the Central

Blacklands also continue to be high in demand.

1,991

2,409

Small Land Sales Volume

Small Land

Sales

Volume 2015

vs. 2016

2015

2016

Average Tract Size

20 acres

2015

2016

Average Price Per Acre

2015

2016

20 acres

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Region Seven: Austin – Waco – Hill Country

$378,165,806 $478,290,163

Total Sales Dollar Volume

2015

2016

In the Austin – Waco – Hill Country region, the

total acreage of small land parcels sold jumped

21.8 percent from 2015 to 55,078 total acres sold.

This was the highest total acreage sold of any

Texas region in 2016.

The total sales dollar volume of small land sales in

Region Seven was $478,290,163, a 26.48 percent

jump from 2015. This was also the highest small

land sales dollar volume of any Texas region in

2016.

Due to high property demand surrounding the

Austin metro area, Region Seven comprised more

than one-third of all small land sales statewide. In

2016, 34.5 percent of Texas small land sales were

sold in the Austin – Waco – Hill Country region.

Region Seven will likely always have a high

demand for small land parcels due to its central

location within the state. Small land sales activity

within Central Texas is driven by buyers from

Austin as well as the Waco-Temple-Killeen, San

Antonio-New Braunfels and Dallas-Fort Worth

MSAs.

2016

55,078

2015

Total Acres Sold

45,229

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Texas Small Land Sales Report 2016 Edition Release date: June 1, 2016

About the Texas Small Land Sales Report The Texas Small Land Sales Report analyzes small land sales data and trends across seven regions of Texas with data provided by the Real Estate Center at Texas A&M University. The Texas Association of REALTORS® distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends, and more. To view the Texas Small Land Sales Report in its entirety, visit TexasRealEstate.com. About the Texas Association of REALTORS® With more than 100,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.

Contact: Danielle Urban Pierpont Communications 512-448-4950 [email protected]

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Executive Summary Texas small land sales were the strongest segment of the Texas real estate market in 2015, with double-digit increases in small land sales and price per acre, according to the Texas Small Land Sales Report released today by the Texas Association of Realtors.

According to the report, 6,281 small land tracts were sold in Texas in 2015, an 18.91 percent increase from 2014. This double-digit growth was consistent across all regions, with the exception of Region Five: Gulf Coast-Brazos Bottom, which fell 7.43 percent to 1,146 small land sales, and Region Two: Far West Texas, which increased 8.57 percent to 38 small land sales.

Region Seven: Austin-Waco-Hill Country recorded the most small land sales, jumping 19.74 percent to 2,062 sales in 2015.

The average price per acre for small land sales also increased, rising 10.21 percent to $5,657 per acre statewide. Region One: Panhandle-South Plains and Region Four: Northeast Texas were the only regions to show decreases in average price per acre, falling 4.79 percent to $1,749 per acre and 3.5 percent to $7,305 per acre, respectively.

Region Five had the highest average price per acre, with land prices increasing 9.44 percent to $10,002 per acre.

Statewide average tract size continued to drop in 2015, as high demand for Texas land drove down the average tract size 13.33 percent to 39 acres statewide.

However, average tract sizes increased in Regions One, Four and Five and remained flat in Region Seven. Economists with the Real Estate Center at Texas A&M University, explained that these increases are likely due to a shortened supply of prime land, not a decline in demand, as Texans increasingly view land as a wise investment.

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Texas `

Texas and its seven regions are home to a diverse scope of land characteristics, from rugged desert arroyos to subtropical thickets and from sea-level plains to alpine vistas. This extreme variety in terrain and size significantly affects the size, sale and use of small land tracts throughout Texas.

Small land sales throughout the Lone Star State surged throughout 2015, despite recent downturns in the energy sector and a sluggish outlook for state agriculture. All seven regions, with the exceptions of Region Two in Far West Texas and Region Five near the Gulf Coast, experienced significant gains in small land sales throughout the year. The average tract size for small land parcels in Texas declined as continued demand for prime land is driving down tract sizes and raising land costs.

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Texas, continued

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Region One – Panhandle and South Plains

Small land sales in Region One are influenced by farming and agricultural trends more than any other region in the state. Despite sluggish forecasts for agriculture and farming in Texas, small land sales in Region One increased significantly in 2015. The average price per acre of small land sales in Region One dipped slightly in 2015 due to a waning demand for dry land and lesser-quality irrigated land, causing buyers in the region to be more cautious about purchasing land for agricultural use and thus affecting land prices. As a result, the average tract size for small land sales in Region One also increased significantly in 2015.

Region One is the northernmost region in the state, encompassing the Metropolitan Statistical Areas for Amarillo, Lubbock, Odessa and Midland. Small land sales consist of land parcels 159 acres or smaller.

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Region One – Panhandle and South Plains, continued

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Region Two – Far West Texas

With ranching dominating most land uses, Region Two is home to the largest tract sizes and smallest sales volume for land sales in the state. Small land sales were up in Region One in 2015. While the average price per acre among small land sales declined during the same time period, prime agricultural land – particularly around the Pecos, Texas area – remains highly priced. The decline of the energy sector significantly affected the demand for mineral-classified lands, while small land use for agricultural and recreational purposes remained in demand.

Region Two encompasses West Texas and contains the El Paso Metropolitan Statistical Area. Small land sales consist of land parcels between 500 and 8,000 acres.

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Region Two – Far West Texas, continued

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Region Three – West Texas

Small land sales in Region Three experienced sharp increases in 2015, most likely due to purchases of recreational properties by buyers interested in family or hunting properties. The average price per acre for small land sales in Region Three increased in 2015, while the average tract size decreased, indicating strong demand for small land sales in the area. Sales are also being driven by the sale of inherited properties. Increasingly, younger owners are letting go of these properties to live closer to urban areas and avoid the upkeep of a large property.

Region Three stretches from the Texas-Oklahoma border to the Mexico border and consists of Metropolitan Statistical Areas for San Angelo and Abilene. Small land sales consist of land parcels 94 acres or smaller in this region.

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Region Three – West Texas, continued

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Region Four – Northeast Texas

As one of the fastest-growing areas in Texas, Region Four experienced strong gains in small land sales in 2015. The average price per acre for small land sales in Region Four declined slightly in 2015. Surges in land sales since 2013 have limited the supply of prime land along key corridors. As a result, supply is largely limited to more remote, lesser quality parcels, leading to declines in land prices. Additionally, a slowing in small land sales growth in Region Four led to a slight increase in average tract size in 2015.

Region Four encompasses the Metropolitan Statistical Areas for Dallas-Fort Worth-Arlington, Wichita Falls, Sherman-Denison, Texarkana, Longview and Tyler. In this region, small land sales consist of land parcels 33 acres or smaller.

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Region Four – Northeast Texas, continued

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Region Five – Gulf Coast | Brazos Bottom

The

Region Five was the only region in Texas to experience a decrease in small land sales in 2015. Despite the recent downturn of the oil and gas sector in the region, the small land sales market has remained fairly resilient. Demand for small land parcels in rural areas surrounding the Houston area continues to be popular for urban dwellers seeking second homes and recreational properties. This demand is evident in the year-over-year increases in average price per acre for small land sales experienced in 2015.

Region Five includes one of the state’s largest Metropolitan Statistical Areas, Houston-The Woodlands-Sugarland, in addition to College Station-Bryan, Victoria and Beaumont-Port Arthur. In this region, small land sales consist of land parcels 42 acres or smaller.

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Region Five – Gulf Coast | Brazos Bottom, continued

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Region Six – South Texas

Contrary to large land sales, small land sales throughout Region Six experienced strong growth in 2015. Likely a continued after-effect of the recent oil and gas boom in the Eagle Ford Shale, a majority of land sales were purchased for urban development in the region. This enduring demand led to significant increases in the average price per acre for small land parcels as well as declines in average tract size.

Region Six encompasses the Metropolitan Statistical Areas for San Antonio, Laredo, Corpus Christi, McAllen-Edinburg-Mission and Brownsville-Harlingen. In this region, small land sales consist of land parcels 44 acres or smaller.

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Region Six – South Texas, continued

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Region Seven – Austin | Waco | Hill Country

Central Texas’ population growth has seen little slow-down, and the same went for small land sales in 2015. Encompassing one-third of small land sales in Texas, Region Seven’s Hill Country views and lakeside access makes land in this region among the most sought after in the state. Land use in Region Seven is almost solely recreational. Properties are ideal for retirees and families seeking a lake property, hunting lease or second home.

Region Seven includes the Metropolitan Statistical Areas for Austin-Round Rock-San Marcos, Killeen-Temple-Fort Hood and Waco in addition to the Texas Hill Country and the Highland Lakes system. In this region, small land sales consist of land parcels 49 acres or smaller.

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Region Seven – Austin | Waco | Hill Country

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Texas Small Land Sales Report 2015 Edition Release date: June 1, 2015

About the Texas Small Land Sales Report The Texas Small Land Sales Report analyzes small land sales data and trends across seven regions of Texas with data provided by the Real Estate Center at Texas A&M University. The Texas Association of REALTORS® distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends, and more. To view the Texas Small Land Sales Report in its entirety, visit TexasRealEstate.com. About the Texas Association of REALTORS® With more than 95,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.

 

Contact: Stacy Armijo Pierpont Communications 512-448-4950 [email protected]

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Executive Summary Small land sales throughout Texas posted double-digit growth and average price per acre showed strong increases statewide last year, according to the 2015 Texas Small Land Sales Report released June 1 by the Texas Association of REALTORS®. According to the report, 5,282 small land tracts were sold in Texas in 2014, a 20.69 percent increase from 2013. This double-digit growth was consistent across all seven regions, with the exception of Region One (Panhandle and South Plains), which decreased 7.93 percent to 116 small land sales in 2014. For the second year, Region Seven (Austin / Waco / Hill Country) showed the most small land sales of any region, with sales increasing 19.16 percent to 1,722 small land sales during the same time frame. The average price per acre for Texas small land sales also showed strong gains in most regions in 2014, increasing 3.5 percent year-over-year to $5,018 per acre statewide. Regions Two (Far West Texas) and Five (Gulf Coast – Brazos Bottom) were the only regions to show decreases in price, falling 47.24 percent to $1,635 per acre and 0.31 percent to $9,167 per acre, respectively. Region Five also had the highest average price per acre of any region. Median tract size, conversely, decreased slightly across the state as strong demand for Texas real estate continues. While the statewide median tract size remained constant at 20 acres, most regions showed decreases in median tract sizes between 3 and 10 percent in 2014. The exception was Region Two, in which the median tract size grew 54.16 percent to 120 acres during the same time frame. Due to the significant physical variations among the seven regions, the definition of a small land tract varies from approximately 30 to 160 acres in each region. The exception is Region Two, in which 500 to 8,000 acres qualifies as a small land sale.

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Texas    

 

 

 

 

 

 

 

 

 

Texas and its seven regions are home to a diverse scope of land characteristics from rugged desert arroyos to subtropical thickets and from sea-level plains to alpine vistas. This extreme variety in terrain and size affects the ownership and marketing of land significantly.

The small land sales market is similar to the overall housing market in Texas, with high demand, competitive market conditions and robust sales and price growth. The explosive buyers’ rush for small land tracts that began in 2013 is on track to continue through 2015.

• Small land sales in Texas had 5,282 sales in 2014, a 20.69 percent increase compared to last year.

• The median tract size in Texas was 20 acres in 2014, which is unchanged from 2013.

• Average price per acre for small land tracts in Texas was $5,018 in 2014. This is a 3.5 percent increase compared to 2013. Adjusted for inflation, this equates to $891* per acre.

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A majority of Texas’ small land sales in 2014 were located in Regions Four (Northeast Texas), Five (Gulf Coast-Brazos Bottom) and Seven (Austin-Waco-Hill Country). Three of Texas’ major metro areas, Austin, Dallas-Fort Worth and Houston, are located in these regions. Most all markets posted year-over-year increases for small land sales with the exception of Region One (Panhandle and South Plains). Due to rising demand, median tract sizes for small land parcels decreased across the state in 2014. The exception was Region Two (Far West Texas), where the median tract size increased 54.16 percent from 2013.

Texas, continued

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Region One – Panhandle and South Plains

Small land sales in Region One are more influenced by farming and agricultural trends than any other region in the state. Low corn and cotton prices have had a slight cooling effect on small land sales in the region, but not by much. Overall, the small land sales market in Region One continues to be strong.

• Region One had 116 small land sales in 2014, a 7.93 percent decrease from 2013.

• The volume of small land sales for Region One comprised

2.19 percent of all small land sales statewide in 2014.

• The median tract size for small land sales in Region One was 78 acres in 2014, a 3.7 percent decrease from 2013.

Region One is the northernmost region in the state, encompassing the Metropolitan Statistical Areas for Amarillo, Lubbock, Odessa and Midland in addition to being bordered by New Mexico to the west and Oklahoma to the north and east. In this region, small land sales consist of land parcels 159 acres or smaller.

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Small land tract prices, however, continue to show significant growth. This was largely influenced by a rush from investors to acquire farmland investments in early 2014.

• The average price per acre for Region One was $1,880 in 2014. This is a 12.32 percent increase compared to 2013. Adjusted for inflation, this equates to $334* per acre.

• Compared to the rest of the state, small land tracts in Region One cost significantly less. Region One had the second-lowest price per acre in the state in 2014.

Region One – Panhandle and South Plains, continued      

 

 

 

 

 

 

 

 

 

 

*Adjusted figures are in 1966 dollars.  

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Region Two – Far West Texas

Because of its large tract sizes and limited number of small land sales reported each year, Region Two typically shows significant variances in both small land sales growth and price per acre from year-to-year.

• Region Two had 35 small land sales in 2014, a 40 percent increase compared to 2013.

• The volume of small land sales for Region Two in 2014 comprised 0.66 percent of all small land sales statewide.

• The median tract size for small land sales in Region

Two was 120 acres in 2014, a 54.16 percent increase from 2013.

 

Region Two encompasses West Texas and contains the El Paso Metropolitan Statistical Area. Region Two is home to the four largest counties in the state – Brewster, Hudspeth, Presidio and Culberson. For this reason, small land sales consist of land parcels between 500 and 8,000 acres.

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Region Two – Far West Texas, continued

The price per acre as well as the median tract size for small land sales in Region Two also showed strong variances in 2014 compared to 2013.

• Average price per acre for Region Two was $1,635 per acre in 2014. This is a 47.24 percent decrease compared to 2013. Adjusted for inflation, this equates to $290* per acre.

• Compared to the rest of the state, small land tracts in Region Two cost significantly less. Region Two had the lowest price per acre in the state in 2014.

*Adjusted figures are in 1966 dollars.  

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Region Three – West Texas

 

Activity in Region Three is a reflection of statewide interest in 2014. Land purchases here are recreational in character, most likely from professionals in the oil industry looking to build a ranchette for hunting season. The slight decline in median tract size makes large livestock operations difficult, but smaller rangeland activity is still popular.

• Region Three had 252 small land sales in 2014, a 15.47 percent increase compared to the previous year.

• The volume of small land sales for Region Three in 2014 comprised 4.77 percent of all small land sales statewide.

• The median tract size for small land sales in Region Three was 41 acres in 2014, an 8.88 percent decrease from 2013.

Region Three stretches from the Texas-Oklahoma border on the north to the Mexico border on the south and consists of Metropolitan Statistical Areas for San Angelo and Abilene. Every region except Region Five touches a portion of Region Three. Small land sales consist of land parcels 94 acres or smaller in this region.

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Region Three – West Texas, continued  

Region Three was reflective of statewide land market trends in 2014. Small land purchases in this region are mostly for recreational purchases, such as oil and gas professionals looking for a ranchette or hunting property, as the declining tract size makes land use for livestock or ranching operations difficult.

• Average price per acre for Region Three was $2,503 per acre in 2014. This is a 13.47 percent increase compared to 2013. Adjusted for inflation, this equates to $445* per acre.

• Region Three had the third-lowest price per acre in the state in 2014.

*Adjusted figures are in 1966 dollars.  

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Region Four – Northeast Texas

Region Four typically follows the trends of the national economy at large and was the last Texas region to recover after the recession. The growth in sales volume and price per acre seen in small land sales markets in other regions over the last few years is just beginning in Region Four.

• Region Four had 1,428 small land sales in 2014, a 17.01 percent increase compared to last year.

• The volume of small land sales for Region Four in 2014

comprised 27.03 percent of all small land sales statewide.

• The median tract size in Region Four was 17 acres in 2014, a 5.55 percent decrease from 2013.

Region Four encompasses the Metropolitan Statistical Areas for Dallas-Fort Worth-Arlington, Wichita Falls, Sherman-Denison, Texarkana, Longview and Tyler. The north and east sides of the region are bordered by Oklahoma, Arkansas and Louisiana. In this region, small land sales consist of land parcels 33 acres or smaller.

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Like other Texas regions containing major metro areas, small land sales purchases in Region Four are typically for residential and recreational purchases, such as weekend getaways for Texans living in Dallas-Fort Worth. According to the Real Estate Center at Texas A&M University, small land tracts in the east end of this region – such as Piney Woods – appear to be underpriced and could provide good opportunities for investors.

• Average price per acre for Region Four was $7,543 per

acre in 2014. This is an 8.25 percent increase compared to 2013. Adjusted for inflation, this equates to $1,339* per acre.

• Region Four had the third-highest price per acre in the state in 2014.

Region Four – Northeast Texas, continued    

*Adjusted figures are in 1966 dollars.  

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Region Five – Gulf Coast | Brazos Bottom

The

Small land sales in Region Five skyrocketed in 2014, despite falling oil prices in the last quarter of 2014. Most of the small land sales in this region occur around the Houston metro area and, like Regions Four and Seven, are purchased by metro residents seeking a recreational property out of town.

• Region Five had 1,238 small land sales in 2014, a 34.16 percent increase compared to 2013.

• The volume of small land sales for Region Five in 2014 comprised 23.43 percent of all small land sales statewide.

• The median tract size in Region Five was 18 acres in

2014, a 10 percent decrease from 2013.

•  

Region Five is located to the southeast of the state and includes one of the largest Metropolitan Statistical Areas, Houston-Sugar Land-Baytown in addition to College Station-Bryan, Victoria and Beaumont-Port Arthur. In this region, small land sales consist of land parcels 42 acres or smaller.

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To date, small land sales in Region Five have not been affected by the downturn of the oil and gas industry. However, it’s unclear what the long-term effect of lower oil prices will be on land sales in the future.

• Average price per acre for Region Five was $9,167 per acre in 2014. This is a 0.31 percent decrease compared to 2013. Adjusted for inflation, this equates to $1,628* per acre.

• Region Five had the highest price per acre in the state in 2014.

Region Five – Gulf Coast | Brazos Bottom, continued  

 

*Adjusted figures are in 1966 dollars.  

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Region Six – South Texas

 

If there was one Texas region that should have been impacted by the fall of oil prices in 2014, Region Six would have been it as it is home to the Eagle Ford Shale. However, small land sales throughout the region were strong throughout 2014.

• Region Six had 491 small land sales in 2014, a 10.99 percent increase compared to last year.

• The volume of small land sales for Region Six in 2014 comprised 9.29 percent of all small land sales statewide.

• The median tract size in Region Six was 19 acres in 2014, a five percent decrease from 2013.

Region Six is located in southernmost Texas, encompassing the Metropolitan Statistical Areas for San Antonio, Laredo, Corpus Christi, McAllen-Edinburg-Mission and Brownsville-Harlingen. It is bordered by the Gulf of Mexico to the east and Mexico to the west. In this region, small land sales consist of land parcels 44 acres or smaller.

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Region Six – South Texas, continued    

Region Six continued to post healthy price increases in 2014, driven by growing demand and economic development throughout the Eagle Ford Shale.

• Average price per acre for Region Six was $7,500 per acre in 2014. This is a 4.76 percent increase compared to 2013. Adjusted for inflation, this equates to $1,332* per acre.

• Region Six had the fourth-highest price per acre in the state in 2014.

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Region Seven – Austin | Waco | Hill Country

Central Texas’ growing urban population has shown little signs of slowing down, making small land sales popular in 2014. Once again, Region Seven had the highest small land sales volume in Texas.

• Region Seven had 1,722 small land sales in 2014, a 19.16 percent increase compared to last year.

• The volume of small land sales for Region Seven in 2014 comprised 32.6 percent of all small land sales statewide.

• The median tract size in Region Seven was 20 acres in

2014, a 4.76 percent decrease from 2013.

Region Seven forms the central core of Texas, encompassing the Metropolitan Statistical Areas for Austin-Round Rock-San Marcos, Killeen-Temple-Fort Hood and Waco in addition to the Texas Hill Country and the Highland Lakes system. In this region, small land sales consist of land parcels 49 acres or smaller.

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The small land sales market in Region Seven is competitive and price per acre for small land tracts has shown strong gains for the last several years. Heavy land sales activity has spread beyond the Austin area to surrounding counties.

• Average price per acre for Region Seven was $7,764 per

acre in 2014. This is a 12.51 percent increase compared to 2013. Adjusted for inflation, this equates to $1,379* per acre.

• Region Seven had the second-highest price per acre in the state in 2014.

Region Seven – Austin | Waco | Hill Country  

*Adjusted figures are in 1966 dollars.