Unlocking the Value of Midwest Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - December 2024 Report
Welcome to Our Monthly Midwest Farmland Value Report
In this monthly report, Jason Smith, Land Broker and Auctioneer dives into Midwest farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers and farmland real estate agents is to provide you with up-to-date information, recent sales data, expert insights, and tips for maximizing the potential value of your farmland sale. Let us answer the questions you have about selling farmland in Minnesota. Contact us today for a free consultation.
Understanding Midwest Farmland Values:
Factors Influencing Farmland Values in Minnesota, South Dakota, Nebraska, and Missouri
In December 2024, Creighton University’s Rural Mainstreet Index (RMI) reported a decline in farmland prices for the seventh time in eight months, with the overall index dropping to 39.6 from November’s 50.2, indicating economic challenges in rural areas.
In Minnesota, the farmland price index increased to 49.0 in January from 47.6 in December. South Dakota’s index dipped slightly to 40.5 in January from 40.7 in December. Nebraska saw a modest rise to 40.9 in January from 40.0 in December. Missouri experienced an increase to 61.0 in January from 59.5 in December.
These fluctuations reflect the complex dynamics affecting farmland values, including commodity prices, input costs, and interest rates. Farmers and investors in the Midwest should monitor these trends to make informed decisions in the evolving agricultural landscape.
Jason Smith, Broker | Auctioneer
Founder, Farmland Auctioneer & Land Broker
Jason is a veteran farm real estate auctioneer with many awards and accolades. He is among the top Farmland Auctioneers in the Midwest. Licensed in Iowa, Minnesota, Nebraska and South Dakota.
Email: [email protected] | Phone: 515-537-6633
Recent Farmland Sales Data
Let’s dive into the latest sales data, including county location, land size by acre amount, soil productivity ratings, and sale prices per acre and total price in the table below. By analyzing this data, you can get a clearer picture of how your property may be valued in the current market.
**Results of all sales from each state for the month can be found in a table at the bottom of this blog**
Iowa Farmland Sales Results from December 2024 BLOG HERE
Illinois Farmland Sales from December 2024 BLOG HERE
Average Price of Farmland in Minnesota – 80% or more tillable Farms
• In the month of December, a total of 2,000 acres were sold in Minnesota by the auction or private listing method. These results are from 80% or more tillable farm sales.
• The current average per acre price for land in Minnesota according to these December sales is $9,920.99/acre.
• The highest selling dollars per acre farm went to 154.58 acres in Rock County that sold for $16,000/acre on December 19th. This farm is 95% tillable and has a 95.8 CPI which calculates to be $173/CPI.
Average Price of Farmland in South Dakota – 80% or more tillable Farms
• In the month of December, a total of 2,009 acres were sold in South Dakota by the auction or private listing method. These results are from 80% or more tillable farm sales.
• The current average per acre price for land in South Dakota according to these December sales is $9,169/acre.
• The highest selling dollars per acre farm went to 72.77 acres in Minnehaha County that sold for $17,500/acre on December 27th. This farm is 94% tillable and has a 74.3 CPI which calculates to be $236/CPI.
Average Price of Farmland in Nebraska – 80% or more tillable Farms
• In the month of December, a total of 5,327.75 acres were sold in Nebraska by the auction or private listing method. These results are from 80% or more tillable farm sales.
• The current average per acre price for land in Nebraska according to these December sales is $9,324.44/acre.
The highest selling dollars per acre farm went to 126.26 acres in Dodge County that sold for $14,700/acre on November 15th. This farm is 95% tillable and has a 70 NCCPI which calculates to be $210/CPI.
Average Price of Farmland in Missouri – 80% or more tillable Farms
• In the month of December, a total of 4,162.24 acres were sold in Missouri by the auction or private listing method. These results are from 80% or more tillable farm sales.
• The current average per acre price for land in Missouri according to these December sales is $10,152/acre.
• The highest selling dollars per acre farm went to 40 acres in Cass County that sold for $15,000/acre on December 6th. This farm is 98% tillable and has a 88.6 NCCPI which calculates to be $169/CPI.
**Results of all sales from each state for the month can be found in a table at the bottom of this blog**
Iowa Farmland Sales Results from December 2024 BLOG HERE
Illinois Farmland Sales from December 2024 BLOG HERE
Minnesota Farmland Recent Sales
Call us about selling your land at (641)423-6400. We can help you safely transition your land ownership using a private sale, public auction or even a private land auction.
| County | Date Sold | Total Acres | $/Acre | Total Price | Tillable Acres | % Tillable | Soil Score | $/CPI |
|---|---|---|---|---|---|---|---|---|
| Martin | 12/05/2024 | 62.62 | $11,600 | $726,392 | 57.66 | 92.08 | 93.2 | $124 |
| Rock | 12/06/2024 | 159.40 | $14,025 | $2,235,585 | 157.20 | 98.62 | 94.5 | $148 |
| Nobles | 12/09/2024 | 80.91 | $14,250 | $1,152,968 | 77.07 | 95.25 | 93.8 | $152 |
| Kandiyohi | 12/10/2024 | 154.51 | $7,300 | $1,127,923 | 142.48 | 92.21 | 79.8 | $91 |
| Martin | 12/11/2024 | 80.00 | $9,200 | $736,000 | 79.62 | 99.53 | 83.6 | $110 |
| Stevens | 12/12/2024 | 159.58 | $10,250 | $1,635,695 | 148.06 | 92.78 | 81.3 | $126 |
| Faribault | 12/13/2024 | 75.87 | $6,000 | $455,220 | 68.93 | 90.85 | 86.5 | $69 |
| Chippewa | 12/13/2024 | 153.80 | $9,400 | $1,445,720 | 147.09 | 95.64 | 92.1 | $102 |
| Big Stone | 12/19/2024 | 158.00 | $8,600 | $1,358,800 | 150.42 | 95.20 | 90.5 | $95 |
| Rock | 12/19/2024 | 154.58 | $16,600 | $2,566,028 | 148 | 95.74 | 95.8 | $173 |
| Martin | 12/19/2024 | 58.17 | $11,700 | $680,589 | 58.17 | 100.00 | 96.6 | $121 |
| Marshall | 12/20/2024 | 147.74 | $4,700 | $694,378 | 142.39 | 96.38 | 75.0 | $63 |
| Roseau | 12/20/2024 | 474.83 | $4,149 | $1,969,999 | 458.10 | 96.48 | 85.4 | $49 |
| Swift | 12/23/2024 | 80.00 | $11,120 | $889,600 | 75.00 | 93.75 | 93.0 | $120 |
| 2,000.01 | $9,920.99 | $17,674,896.50 | 1,910.19 | 95.32 | 88.7 | $110 |
South Dakota Farmland Recent Sales
| County | Date Sold | Total Acres | $/Acre | Total Price | Tillable Acres | % Tillable | Soil Score | $/CPI |
|---|---|---|---|---|---|---|---|---|
| Union | 12/02/2024 | 151.00 | $9,400 | $1,419,400 | 127.58 | 84.49 | 69.9 | $134 |
| Union | 12/03/2024 | 128.51 | $12,900 | $1,657,779 | 116.62 | 90.75 | 70.8 | $182 |
| Kingsbury | 12/04/2024 | 160.00 | $8,600 | $1,376,000 | 128.49 | 80.31 | 76.3 | $113 |
| Kingsbury | 12/04/2024 | 169.02 | $7,400 | $1,250,748 | 148.03 | 87.58 | 75.3 | $98 |
| Brown | 12/04/2024 | 108.00 | $7,600 | $820,800 | 105.00 | 97.22 | 76.6 | $99 |
| Kingsbury | 12/04/2024 | 29.66 | $9,200 | $272,872 | 29.66 | 100.00 | 89.6 | $103 |
| Lake | 12/05/2024 | 175.33 | $8,600 | $1,507,838 | 150.99 | 86.12 | 67.1 | $128 |
| Lake | 12/05/2024 | 109.87 | $12,500 | $1,373,375 | 109.87 | 100.00 | 71.9 | $174 |
| Bon Homme | 12/10/2024 | 149.48 | $7,450 | $1,113,626 | 139.27 | 93.17 | 78.2 | $95 |
| Lake | 12/11/2024 | 129.67 | $12,150 | $1,575,491 | 127.18 | 98.08 | 72.3 | $168 |
| Hutchinson | 12/12/2024 | 80.04 | $8,000 | $640,320 | 79.05 | 98.76 | 79.7 | $100 |
| Miner | 12/16/2024 | 71.62 | $6,250 | $447,625 | 71.62 | 100.00 | 81.7 | $76 |
| Hand | 12/17/2024 | 160.00 | $6,100 | $976,000 | 145.43 | 90.89 | 80.0 | $76 |
| Beadle | 12/17/2024 | 154.62 | $5,900 | $912,258 | 148.84 | 96.26 | 73.5 | $80 |
| Beadle | 12/17/2024 | 160.00 | $7,150 | $1,144,000 | 157.46 | 98.41 | 77.0 | $93 |
| Minnehaha | 12/27/2024 | 72.77 | $17,500 | $1,273,475 | 68.39 | 93.98 | 74.3 | $236 |
| 2,009.59 | $9,169 | $17,761,607 | 1,853.48 | 93.50 | 75.9 | $122 |
Nebraska Farmland Recent Sales
| Date Sold | County | Total Acres | $/Acre | Total Price | Tillable Acres | % Tillable | Soil Score | $/NCCPI |
|---|---|---|---|---|---|---|---|---|
| 12/03/2024 | Hitchcock | 90.00 | $5,600 | $504,000 | 80.01 | 88.90 | 57.3 | $98 |
| 12/03/2024 | Phelps | 156.53 | $14,750 | $2,308,759 | 152.50 | 97.43 | 72.7 | $203 |
| 12/03/2024 | Phelps | 156.52 | $14,750 | $2,308,759 | 153.08 | 97.80 | 72.7 | $203 |
| 12/03/2024 | Hitchcock | 90.00 | $2,400 | $216,000 | 89.66 | 99.62 | 50.7 | $47 |
| 12/03/2024 | Colfax | 79.50 | $9,214 | $732,500 | 66 | 83.02 | 67.5 | $137 |
| 12/04/2024 | Custer | 156.00 | $7,692 | $1,200,000 | 148.89 | 95.44 | 63.1 | $122 |
| 12/05/2024 | Thurston | 118.20 | $10,300 | $1,217,460 | 115.69 | 97.88 | 68.9 | $149 |
| 12/05/2024 | Jefferson | 71.39 | $6,950 | $496,161 | 68 | 95.25 | 61.1 | $114 |
| 12/05/2024 | Colfax | 79.87 | $9,987 | $797,667 | 72 | 90.15 | 69.8 | $143 |
| 12/06/2024 | Cass | 235.43 | $14,200 | $3,322,800 | 211 | 89.62 | 85.2 | $167 |
| 12/06/2024 | Cass | 40.00 | $15,000 | $600,000 | 39 | 97.50 | 88.6 | $169 |
| 12/11/2024 | Saunders | 71.74 | $10,454 | $750,000 | 70 | 97.57 | 61.5 | $170 |
| 12/12/2024 | Burt | 72.05 | $13,700 | $987,085 | 69 | 95.77 | 75.9 | $181 |
| 12/13/2024 | Saunders | 203.23 | $9,951 | $2,022,300 | 196 | 96.44 | 65.2 | $153 |
| 12/16/2024 | Burt | 194.22 | $8,422 | $1,635,736 | 190 | 97.83 | 72.2 | $117 |
| 12/16/2024 | Burt | 114.94 | $8,204 | $943,000 | 110 | 95.70 | 73.5 | $112 |
| 12/16/2024 | Fillmore | 59.30 | $10,700 | $634,510 | 50 | 84.32 | 58.4 | $183 |
| 12/16/2024 | Fillmore | 160.00 | $14,500 | $2,320,000 | 152 | 95.00 | 67.0 | $216 |
| 12/18/2024 | Brown | 537.84 | $5,897 | $3,171,710 | 445 | 82.74 | 46.0 | $128 |
| 12/18/2024 | Thurston | 40.00 | $6,000 | $240,000 | 40 | 100.00 | 67.6 | $89 |
| 12/19/2024 | Thayer | 158.87 | $12,050 | $1,914,384 | 156.20 | 98.32 | 63.8 | $189 |
| 12/20/2024 | Merrick | 35.00 | $14,286 | $500,000 | 35.00 | 100.00 | 37.1 | $385 |
| 12/20/2024 | Colfax | 40.00 | $12,000 | $480,000 | 39 | 97.50 | 70.5 | $170 |
| 12/23/2024 | Saunders | 116.78 | $11,817 | $1,380,000 | 105 | 89.91 | 54.1 | $218 |
| 12/24/2024 | Colfax | 80.50 | $14,186 | $1,142,000 | 65 | 80.75 | 65.2 | $218 |
| 12/24/2024 | Colfax | 120.50 | $9,477 | $1,142,000 | 102 | 84.65 | 65.8 | $144 |
| 12/30/2024 | Cuming | 383.03 | $12,832 | $4,915,080 | 320 | 83.54 | 73.8 | $174 |
| 12/30/2024 | Webster | 78.00 | $5,026 | $392,025 | 73 | 93.59 | 62.5 | $80 |
| 12/31/2024 | Deuel | 302.80 | $1,716 | $515,000 | 300.20 | 99.14 | 47.4 | $36 |
| 12/31/2024 | Colfax | 120.00 | $12,500 | $1,500,000 | 115 | 95.83 | 69.0 | $181 |
| 4162.24 | $10,152 | $40,288,935 | 3828.23 | 93.37 | 65.1 | $157 |
Missouri Farmland Recent Sales
| County | Date Sold | Total Acres | $/Acre | Total Price | Tillable Acres | % Tillable | Soil Score | $/NCCPI |
|---|---|---|---|---|---|---|---|---|
| Livingston | 12/03/2024 | 161.00 | 7,500 | 1,207,500 | 139.10 | 86.40 | 72.6 | 103.31 |
| Audrain | 12/04/2024 | 270.67 | 8,250 | 2,233,027.5 | 254.64 | 94.08 | 66.4 | 124.25 |
| Knox | 12/05/2024 | 107.86 | 7,600 | 819,736 | 88.00 | 81.59 | 63.5 | 119.69 |
| Knox | 12/05/2024 | 41.22 | 8,600 | 354,492 | 40.00 | 97.04 | 64.7 | 132.92 |
| Daviess | 12/06/2024 | 80.00 | 5,225 | 418,000 | 64.00 | 80.00 | 66.4 | 78.69 |
| Daviess | 12/06/2024 | 62.00 | 5,325 | 330,150 | 50.00 | 80.65 | 67.0 | 79.48 |
| Daviess | 12/06/2024 | 70.00 | 7,275 | 509,250 | 58.00 | 82.86 | 71.1 | 102.32 |
| Daviess | 12/06/2024 | 77.00 | 7,000 | 539,000 | 69.00 | 89.61 | 70.4 | 99.43 |
| 869.75 | 7,096.875 | 6,411,155.5 | 762.74 | 86.53 | 67.8 | 105.01 |
Navigating the Selling Process:
Tips for Selling Your Farm
Explore a set of practical tips for successfully selling your farmland by downloading our free eBooks here. Schedule a non obligatory consultation with us today and we will cover everything from when is the best time to sell, a customized marketing plan, sales methods, how we can help you find the right buyer, and answer your questions.
Farm Real Estate Experts in the Midwest
Meet our team of Midwest farm real estate and auction experts who can provide you with valuable guidance and personalized assistance throughout the selling process. If you’re looking to uncover the true value of your Minnesota farm or are considering selling, don’t hesitate to reach out to our experienced team. We’re here to provide you with a customized plan to meet your goals. Contact us today to get started.
Assessing Your Farm’s Worth:
Land Market Analysis Appraisal Technique
Curious what your farm could sell for? We prepare market analysis for each of our farmland sellers to help you discover and learn what your farm is worth from our market based research and expertise. Fill out our form here to request a market analysis of your farmland or call us at 507-769-0128.