This paper estimates the effect of Endangered Species Act protections for the lesser prairie chicken (Tympanuchus pallidicinctus) on rural property values in Oklahoma. The political and legal controversy surrounding the listing of imperiled species raises questions about the development restrictions and opportunity costs the Endangered Species Act imposes on private landowners. Examining parcel-level sales data before and after the listing of the endemic lesser prairie chicken, we employ difference-in-differences (DD) regression to measure the welfare costs of these restrictions. While our basic DD regression provides evidence the listing was associated with a drop in property values, this finding does not hold up in models that control for latent county and year effects. The lack of a significant price effect is confirmed by several robustness checks. Thus, the local economic costs of listing the lesser prairie chicken under the Endangered Species Act appear to have been small.