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MARKET<br />
TEXAS LAND MARKETS<br />
THIRD QUARTER <strong>2017</strong><br />
WRITTEN BY CHARLES E. GILLILAND, PH.D.<br />
RESEARCH ECONOMIST | REAL ESTATE CENTER | TEXAS A&M UNIVERSITY<br />
Based on results through the first three<br />
quarters of <strong>2017</strong>, prices in Texas land<br />
markets have moved up slightly from 2016<br />
levels. The <strong>2017</strong> percentage increase at 2.1<br />
percent amounted to less than half of the<br />
2016 results. The third quarter increase<br />
retreated from 2.13 percent increase in<br />
the second quarter. These results suggest<br />
top the meager one percent gain in 2015<br />
but trail well behind the 2012–2014 robust<br />
price growth. The muted expansion<br />
confirmed much slower Texas rural land<br />
prices appreciation compared to 2013–<br />
2015 levels. The 5,339 sales (year-toyear<br />
annual totals) marked a significant<br />
expansion of activity compared to past<br />
third quarter results. The price of $2,584<br />
per acre exceeded $2,530 per acre in<br />
2016, but fell short of the second quarter<br />
<strong>2017</strong> price of $2,586 per acre. Overall,<br />
Texas land markets continued to grow but<br />
prices appear to have changed little since<br />
the first quarter.<br />
SOURCE: REAL ESTATE CENTER, TEXAS A&M UNIVERSITY<br />
Regionally, northeast Texas markets<br />
continued to post higher prices. Hill Country<br />
markets retreated. Past history suggests a<br />
slowdown in activity in the coastal bend<br />
following devastation following hurricane<br />
Harvey. Although, economic activity was<br />
robust in the third quarter of <strong>2017</strong>, markets<br />
seem to reflect a cautious attitude among<br />
market participants. °<br />
22
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