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July 18, 2022
Every January and June, Farmers National Company gathers current sales prices from its agents for high quality land in selected states to provide a picture of land value trends. The definition of high-quality land varies by state as in some states it means irrigated cropland while in most it is the non-irrigated more productive soil types from across a state. High quality will vary widely within a state which makes it challenging to calculate an average value.
The Farmers National information is not meant to capture or post the highest sales prices or new record highs. A lot of good land in a state sells for less than the highest prices everyone hears about. The information does not replace surveys and statistics provided by universities and organizations.
The chart provided by Farmers National is meant to show the trend of land values over a period of time which is valuable for sellers and buyers of farmland. None of the prices denoted in the chart should be taken by any landowner for what their farm is worth. To determine the value of a farm, it takes a local expert who knows the local land market and the land in the area. Each farm is unique and has a different value.
The major takeaway from the information below is that there was a significant jump in land values in many Midwestern and Plains states from June, 2021 to June, 2022. Everyone will be watching auction prices to see how the land value trend transpires now through the end of the year.
Senior Vice President - Real Estate Operations
|Category: Agricultural Real Estate News|