Jun 9, 2016
Land rush in North Texas helps fuel 33 percent more deals in 2015
NORTH TEXAS - The booming North Texas real estate market has led to a rush on land in the region, which has boosted small land sales—land parcels of 159 acres or...
NORTH TEXAS - The booming North Texas real estate market has led to a rush on land in the region, which has boosted small land sales—land parcels of 159 acres or smaller—by 33.9 percent year-over-year in 2015.
With 1,913 small land sales in 2015, the average price per acre sat at $7,305, which is an 11 percent decline year-over-year, with fewer parcels available in key corridors on the market after two years of hot sales and lesser quality parcels trading hands.
This was the fourth highest price per acre in the state for 2015, according to the Texas Small Land Report by the Texas Association of Realtors.
The average tract size was 19 acres.
The areas of North Texas with a large number of small land sales include Lucas, Fairview, Gunner, Cedar Hill, Red Oak, and many other submarkets.
With a big employment hub at Legacy West coming soon to West Plano, Leslie Smith the 2016 chairwoman for the Texas Association of Realtors said she’s seeing more land deals northward of Dallas North Tollway and the Sam Rayburn Tollway as thousands prepare for employment at Toyota North America, Liberty Mutual Insurance and J.P. Morgan Chase & Co.
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