While it is certainly difficult to predict what will happen to real estate land values in North Texas in 2023,
Land deals will close in 2023, and to what extent on the development side will depend on the capital markets and cost of materials. If the cost of materials comes down in 2023, as we all hope for, we'll see the financing side start normalizing.Residential land remains in a holding pattern. There are too many economic variables that are keeping homebuilders and lot developers on the sideline.
We see continued demand for large-scale sites by users who are having to look for land that is probably two years out before being ready to build. DFW remains fairly insulated as a CRE market leader through steady in-migration and corporate relocation activity. Still, with today's interest rates and high construction costs, we're rebounding as quickly as the market will allow.
All in all, the majority of our clients are being much more selective on their new land pursuits as opposed to the land-rush phenomenon that we all experienced in 2021.Anytime there is a market correction, price is the first question that gets brought up. Well-located tracts are often owned by well-capitalized family offices or institutions that do not have to sell and, therefore, can hold in a down market.
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