‘Ongoing Potential For Expansion’ in Land Markets…
Land sales in 2023 rose nationwide by 1.2%, a return to balance after recent pandemic-era highs. That’s according to the latest Land Market Survey, published by REALTORS® Land Institute and NAR.
“Although this marks a slower pace compared to past performance, it highlights the market’s resilience and ongoing potential for expansion amidst challenging conditions,” the survey says.
RLI and NAR shared their findings during a March webinar. The two organizations surveyed 4,600 RLI members and prospects in September 2023. There were 450 responses, of which 68% reported a land sale in the last 12 months. Here are some highlights:
Texas was a top market in 2023
Texas was home to 7.3% of land sales reported by survey respondents.
Ranches led in Texas and Oklahoma
Ranches were 39% of 2023 land sales by REALTORS® in RLI’s Region 8.
Regional land sales took a while
Texas and Oklahoma land included in the survey spent a median of 183 days on the market. “Land sales generally conclude within a 60-day period, while a notable 25% of these transactions are wrapped up in less than 30 days.”
Regional land sales inched down from 2022
Several Texas and Oklahoma land categories saw small year-over-year percent changes in 2023. Commercial land sales were down 3.6% and industrial land was down 3.3%. Meanwhile, developed land sales rose 1.8%.
To read the report, visit rliland.com/Resources/Land-Market-Survey.
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