The number of sales happening has certainly slowed down in the last couple years, but for farmland, the values really haven't. The professional realtors at North Central Realty and myself have always worked hard to get good values for both sides of the equation, and 2010 has been no exception despite the recession.
Obviously land values vary greatly based on location and demand, and we work with a wide variety of landowners not just in Minnesota, but in Iowa, South Dakota, and other midwestern states as well. We keep track of our sales, and post some of them on our North Central Realty website. If sales in 2010 are any indication, farmland values are still going up.
In 2009, we had at least 2 farmland sales at more than $5,000 per acre - one in Renville County and another in Sibley County. We had several other properties sell for more than $4,500 per acre, including farms in Renville, McLeod, and Mower Counties in Minnesota, and Grant County, South Dakota. Just under half of the sales at North Central Realty were at $4,500 or above per acre in 2009.
So far in 2010, all of our sales have been over $5,000 per acre. This again includes farm property in Renville County, which was bought by a group of 2 farmers, as well as farms in Mitchell and Sac Counties in Iowa. If trends keep up, perhaps half or more than half of the North Central Realty farm sales in 2010 will go for over $5,000 an acre!
Please contact me to learn about our real estate services. I would be happy to help you sell your prime farmland for the best possible price!