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August 1, 2022
Sales prices for good cropland have reached new heights in many states over the past few months. While a few new "record" sales prices capture the headlines, there has generally been a continued strength in the land market with good cropland capturing the most buying attention. The upcoming months will tell the trend in land prices from here.
To date, there have been sales of good cropland in Iowa above $25,000 per acre, $15,000 per acre in South Dakota, and $12,000 per acre in North Dakota. Moving east, Illinois has had sales above $21,000 per acre, Indiana $17,000 per acre, and Ohio has seen $16,000 per acre. Sales have taken place in Nebraska above $13,500 per acre, $14,500 in Missouri, and over $8,000 per acre in Kansas. Of course, there are exceptions in areas where the land sells for more than these numbers.
The best way to sell good cropland right now is to employ some type of competitive bidding process in order to see what the market is willing to pay at any given time. Farmers National Company has been using its simulcast auction system combining in person bidding simultaneously with online bidding to achieve top sales prices.
The upcoming land auction season before and after harvest will be watched closely to gauge the buying activity of farmers and investors. Many factors will determine whether the buying activity is aggressive or if circumstances will soften buying demand.
Senior Vice President - Real Estate Operations
|Category: Agricultural Real Estate News|