Small-land sales in a region that includes Gregg, Harrison, Rusk, Upshur and Panola counties decreased in 2018 while land prices climbed, according to a report issued by Texas Realtors.
That tracked with the experience of Mark Coleman, owner/broker of Texas Farms & Ranches LLC in Longview, who said he has seen an increase in both sale prices and land being sold over the past two years.
“In the past two years, I have seen a tremendous increase in the price per acre” for land for sale within 50 miles of Longview, Coleman said. “Part of it is economy improving and people spending money.”
Coleman, who has been in business in Longview for 32 years, said land parcels within five miles of Longview and Tyler have doubled in the past two years in some cases.
The Texas Small Land Sales report said small-land sales decreased in Northeast Texas by 5.6 percent, to 2,278 land sales. At the same time, price-per-acre for small land tracts increased by 10.8 percent, to $9,674.
The region encompasses Dallas-Fort Worth-Arlington, Longview, Sherman-Dennison, Texarkana, Tyler and the Wichita Falls areas. The report defines small-land sales as 33 acres or less.
The report said a total of 41,813 acres were sold in 2018, down from 45,464 in 2017.
Total sales dollar volume exceeded $404.4 million in 2018, up from nearly $397 million in 2017.
The average tract size dropped from 18 acres in 2017 to 17 acres in 2018 while the average sale price went up from $8,731.