Texas small land sales top $1 billion in 2017

Texas small land sales top $1 billion in 2017

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LUBBOCK, Texas -

Small plots of land are in high demand across Texas for the fifth year in a row. 2017 was the first year small land purchases topped $1 billion in volume, according to the Texas Association of Realtors. Realtors generally consider small land sales to be 200 acres or less.

"It is mixed use, some commercial, and it will vary in commercial and some residential as residential is built there is more commercial and it kind of stair-steps they both work hand in hand," said Jacky Howard, president of the Lubbock Association of Realtors.

"Lubbock is steady. Even existing home sales are steady We are steady, we are not peaking and then we are not falling off, everything is steady a nice steady increase." 

Texas realtors report the average size of the sales decreased, but there were more units sold last year. Lubbock falls in region one, which encompasses the Panhandle and the South Plains. In this region there were nearly 15% more sales and the price per acre stayed the same at just less than $2,400.

Howard said the data shows prices are going to go up soon. The future construction of the outer loop will change the dynamics of small land sales with new residential and commercial development.

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