I've been looking at putting some money into a piece of property out in central/west Texas, but I'm trying to get a gauge on whether or not the rural real estate market is going to soften up like the urban residential markets are starting to. Looking at buying 50-150 acres, ideally raw land, something to hunt/fish on and sell when my kids are going to College if needed. Any real estate folks have insight on what's going on out West over the last few months with interest rates soaring? Are prices actually coming down at all?

No current knowledge but typically land shoots up then sits flat for a number of years. Pretty rare to see significant drops but it might not go up for another 5-8 years. Of course, during that time, your chances of finding a good deal go up because not everyone feels like they're sitting on a gold mine.

What is your definition of "west" Texas? I've looked at land and co-purchased a place 30 minutes east of Abilene so my knowledge is in that and surrounding counties.

When we purchased it was very hot. If a good place popped up with decent character and water on it, it was gone! We got lucky and grabbed ours off market for a decent deal.
Since rates went stupid properties are staying online a lot longer. I've seen a few price drops but those were already high to begin with and most likely were looking to cash in on the boom.

It's a good opportunity for those who can pay cash to find sellers on distress. I think most will sit and hold unless they have to sell.

So to answer your question I think now and 6 months from now are good times for cash buyers. But if you have to finance you're going to be paying the difference in interest. At least until rates fall and you can refinance.

I've got 125 acres in commerce I'll sell you for 499k