For the Texas real estate market 2015 could end up being a record year, partially because of one lesser-focused on segment.
According to the Texas Association of Realtors (TAR) the small land sales market is a standout performer among the state’s various residential real estate segments.
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The Houston-Sugar Land-Baytown is responsible for nearly 25 percent of these small land sales, which consist of land parcels 42 acres or smaller.
Most of the small land sales in this region occur around the Houston metro area and are purchased by residents seeking a recreational property out of town, according to TAR.
Last year, the Houston region had the highest price-per-acre, $9,167, in the state, with a median tract size of 18 acres.
West of The Woodlands appears to be one hot spot for buying existing homes that sit on acreage.
According to Amy Smythe-Harris of Urban Provision Realtors, homes in the rural cities of Tomball and Magnolia that sit on two to five acres are “huge right now,” with most receiving multiple offers.
While TAR points to Texas as having a record year, CoreLogic points out that Houston is showing signs of weakness, in the form of falling sales activity and slowing home price appreciation.
