In the fall of 2024, several notable farmland transactions across Iowa and Minnesota showcased the diverse characteristics and values of agricultural land. These sales revealed the significance of soil quality, location, and productivity in determining market prices.
The auctions highlighted the premium placed on highly productive land. For instance, a 77.5-acre farm near Keota in Washington County, characterized by rich soils like Mahaska, Nira, and Taintor silty clay loams, fetched $19,200 per acre. This price reflected its exceptional tillable capacity and prime location. Similarly, a 114.55-acre plot near Rock Rapids in Lyon County, boasting Galva, Sac, and Primghar series soils, sold for $17,600 per acre, emphasizing the high demand for fertile northwest Iowa farmland. Meanwhile, a 111.23-acre property in Clinton County, with a mix of tillable land, recently expired CRP acres, and a country home, garnered a total of $2,040,167 at auction.
Other transactions underscored the influence of location and infrastructure. A 76.59-acre farm between Cascade and Worthington in Dubuque County, despite having a lower CSR2 score, still commanded $17,500 per acre due to its strategic position and tillable potential. In Warren and Madison counties, two tracts totaling 79.85 acres, conveniently located near Interstate 35, sold for $15,300 per acre, highlighting the value of accessibility. Further north, a 151-acre farm in Howard County, with over 18 non-productive acres, sold for $11,110 per acre, demonstrating that even less optimal land can find buyers willing to invest in its future potential.
Beyond Iowa, a significant transaction occurred in Nicollet County, Minnesota, where 248.46 acres of highly tillable cropland sold for an average of $15,867 per acre, totaling nearly $3.94 million. The presence of documented drainage tile maps added to the appeal of this property, underscoring the importance of modern farming infrastructure.
These transactions reflect the dynamic nature of the agricultural market, where factors such as soil quality, location, and infrastructure play crucial roles. They also highlight the resilience and adaptability of American farmers, who continue to seek opportunities to enhance productivity and sustainability. By making informed decisions, landowners contribute to the prosperity and vitality of agriculture, ensuring a bright future for farming communities.