You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
TEXAS LAND / Market<br />
WRITTEN BY CHARLES E. GILLILAND, PH.D.<br />
RESEARCH ECONOMIST | REAL ESTATE CENTER | TEXAS A&M UNIVERSITY<br />
THIRD<br />
QUARTER<br />
PRICES<br />
By the end of the third quarter, Texas land markets had shaken off the drag<br />
inspired by low oil prices and challenging returns to agriculture to post a 4.6<br />
percent increase over 2015 prices. At $2,554 per acre, <strong>2016</strong> markets saw<br />
prices reach historically high levels statewide. That third quarter increase<br />
indicated market trends moved up from levels recorded in the first two<br />
quarters. The statewide typical size expanded to 1,441, nearly 280 acres larger<br />
than the 2015 third quarter size. The inflation adjusted price rose to $445 per<br />
acre (in 1966 dollars) continuing the market’s record breaking performance .<br />
Pounded by the retreat from the Eagle Ford shale play, South Texas and the<br />
Gulf Coast – Brazos Bottom regions saw land prices slip below 2015 levels.<br />
Price increases in the West Texas, Northeast Texas, and Austin— Waco—Hill<br />
Country regions offset weakness with strong first three-quarter increasing<br />
price trends.<br />
As the elections draw to a close, observers see signs an end to oil price<br />
turmoil. These developments inspire market participants to anticipate<br />
improving conditions while general economic growth hints at continuing<br />
demand for Texas rural land.<br />
TEXAS RURAL LAND PRICES—PRELIMINARY <strong>2016</strong> FIRST THREE QUARTERS<br />
Dollars per Acre<br />
CHANGES IN TEXAS RURAL LAND PRICES—PRELIMINARY <strong>2016</strong> FIRST THREE QUARTERS<br />
Dollars per Acre<br />
168
Change language