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March 7, 2022
As the calendar flipped to the winter land sales season and the amount of land on the market was more normal, the question was whether the land price escalation of 2021 would continue into 2022. If recent Farmers National Company land auction results are any indication, the answer is a resounding "YES"! Several recent auction sales of high-quality farmland in Indiana and Illinois by Farmers National agents set new price highs for the company in those areas.
Linda Brier, area real estate sales manager for Farmers National Company reported that "Among our recent sales, several really stand out in the market. Our simulcast live and online auctions are really working for our clients to get the best prices for their land. Our auctioneer and agents know their local land markets and it shows in the results."
A recent land auction of high-quality cropland in Champaign and Piatt Counties in Illinois sold in several tracts in a range of $18,700 to $19,700 per acre with an average of $19,099 per acre. Twelve tracts of highly productive cropland in Vermillion County, Indiana sold for an average of $15,415 per acre with six tracts selling for $16,600 per acre. A 40-acre high quality farm in Edgar County, Illinois sold at auction for $17,100 per acre.
Whether these strong
land prices are a continuation of the up move of 2021 or a reaction to the
current and future uncertainty in the global food and ag economy, the next few
months will tell. More auctions are coming up during March that will help
answer the land price trend question. In the end, the land market should be
active and support steady to firmer farmland prices over the next six months.
Uncertainty remains about both other unknown events or changes and the
magnitude of change of each factor.
Senior Vice President - Real Estate Operations
|Category: Agricultural Real Estate News|