Unlocking the Value of Midwest Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - November 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.

Midwest Farmland Prices Nov 2024
Jason Smith, Broker | Auctioneer

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

Understanding Midwest Farmland Values:

Factors Influencing Farmland Values in Minnesota, South Dakota, Nebraska, and Missouri

In November 2024, Creighton University’s Rural Mainstreet Index reported a decline in farmland prices for the sixth time in seven months, with the overall farmland price index rising to 44.4 from October’s 38.5, yet remaining below the growth-neutral threshold of 50. This downward trend is attributed to elevated interest rates, higher input costs, and below break-even grain prices, which have significantly reduced farmer demand for agricultural land. Bank CEOs surveyed anticipate an average decline of 2.7% in farmland prices over the next 12 months.

Specifically, in Minnesota, the farmland price index increased to 49.0 in January from 47.6 in December. In South Dakota, the farmland price index dipped to 40.5 in January from 40.7 in December. Nebraska saw a slight increase in its farmland price index to 40.9 in January from 40.0 in December. Missouri experienced a rise in its farmland price index to 61.0 in January from 59.5 in December.

These regional variations highlight the complex factors influencing farmland values, including commodity prices, input costs, and interest rates. Farmers and investors in Minnesota, South Dakota, Nebraska, and Missouri should closely monitor these trends to make informed decisions in the evolving agricultural landscape.

For more detailed information, visit the Creighton University Rural Mainstreet Economy page

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 November 2024 BLOG HERE

Illinois Farmland Sales from November 2024 BLOG HERE

Average Price of Farmland in Minnesota – 80% or more tillable Farms

• In the month of November, a total of 6,364.25 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 November sales is $7,804/acre.

• The highest selling dollars per acre farm went to 80 acres in Nobels County that sold for $16,000/acre on November 22nd. This farm is 98.9% tillable and has a 96.3 CPI which calculates to be $166/CPI.

Average Price of Farmland in South Dakota – 80% or more tillable Farms

• In the month of November, a total of 3,670.26 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 November sales is $11,979/acre.

• The highest selling dollars per acre farm went to 78.95 acres in Minnehaha County that sold for $26,500/acre on November 21st. This farm is 99% tillable and has a 87.7 CPI which calculates to be $302/CPI.

Average Price of Farmland in Nebraska – 80% or more tillable Farms

• In the month of November, 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 November 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 November, a total of 2,117.41 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 November sales is $10,517/acre.

• The highest selling dollars per acre farm went to 101.56acres in Shelby County that sold for $17,025/acre on November 14th. This farm is 94% tillable and has a 68.8 NCCPI which calculates to be $247/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 November 2024 BLOG HERE

Illinois Farmland Sales from November 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
Nobles 11/07/2024 80.00 $9,700 $776,000 63.53 79.41 94.0 $103
Nobles 11/07/2024 149.85 $10,400 $1,558,440 132.36 88.33 92.3 $113
Nobles 11/07/2024 71.00 $9,000 $639,000 68.32 96.23 87.3 $103
Nobles 11/07/2024 82.00 $14,500 $1,189,000 79.76 97.27 94.9 $153
Nobles 11/07/2024 80.00 $12,500 $1,000,000 79.11 98.89 95.0 $132
Nobles 11/07/2024 80.00 $12,500 $1,000,000 80 100.00 95.0 $132
Nobles 11/07/2024 71.00 $9,000 $639,000 69 97.18 87.3 $103
Otter Tail 11/11/2024 79.79 $6,750 $538,583 63.79 79.95 77.2 $87
Otter Tail 11/11/2024 32.21 $6,400 $206,144 25.85 80.25 80.8 $79
Grant 11/11/2024 394.38 $4,975 $1,962,041 322.73 81.83 73.5 $68
Otter Tail 11/11/2024 100.57 $6,850 $688,905 85.83 85.34 85.0 $81
Otter Tail 11/11/2024 40.00 $7,950 $318,000 35.38 88.45 81.9 $97
Otter Tail 11/11/2024 69.61 $8,000 $556,880 61.95 89.00 83.9 $95
Otter Tail 11/11/2024 149.11 $7,350 $1,095,959 135.13 90.62 80.8 $91
Otter Tail 11/11/2024 257.98 $9,700 $2,502,406 234.72 90.98 79.8 $122
Otter Tail 11/11/2024 159.00 $6,100 $969,900 145.85 91.73 87.8 $69
Otter Tail 11/11/2024 19.00 $7,950 $151,050 17.62 92.74 58.2 $137
Otter Tail 11/11/2024 154.61 $7,350 $1,136,384 145.52 94.12 84.3 $87
Otter Tail 11/11/2024 39.47 $8,200 $323,654 37.90 96.02 75.7 $108
Otter Tail 11/11/2024 104.00 $8,825 $917,800 100.30 96.44 91.2 $97
Otter Tail 11/11/2024 115.37 $7,700 $888,349 112.01 97.09 78.8 $98
Otter Tail 11/11/2024 57.93 $9,000 $521,370 56.43 97.41 88.6 $102
Otter Tail 11/11/2024 281.76 $8,200 $2,310,432 275.70 97.85 90.2 $91
Grant 11/11/2024 160.00 $7,200 $1,152,000 156.80 98.00 29.5 $244
Grant 11/11/2024 142.15 $6,150 $874,223 139.89 98.41 35.2 $175
Wilkin 11/11/2024 40.00 $8,000 $320,000 39.56 98.90 88.0 $91
Grant 11/11/2024 80.00 $6,000 $480,000 80.00 100.00 86.7 $69
Grant 11/11/2024 150.81 $6,300 $950,103 150.81 100.00 50.3 $125
Grant 11/12/2024 80.20 $7,500 $601,500 68.89 85.90 88.1 $85
Chippewa 11/12/2024 160.00 $10,900 $1,744,000 150.07 93.79 94.3 $116
Norman 11/12/2024 162.70 $5,009 $815,000 152.90 93.98 86.7 $58
Norman 11/12/2024 160.90 $5,028 $809,025 151.78 94.33 86.2 $58
Norman 11/12/2024 80.00 $4,625 $370,000 76.69 95.86 88.8 $52
Norman 11/12/2024 160.00 $5,675 $908,000 155.04 96.90 93.5 $61
Norman 11/12/2024 40.00 $5,025 $201,000 39.00 97.50 88.4 $57
Norman 11/12/2024 80.00 $4,700 $376,000 78.21 97.76 90.8 $52
Norman 11/12/2024 120.00 $4,250 $510,000 119.23 99.36 91.9 $46
Norman 11/12/2024 109.00 $6,675 $727,575 109.00 100.00 90.8 $74
Jackson 11/12/2024 203.11 $9,600 $1,949,856 197 96.99 94.4 $102
Kandiyohi 11/13/2024 116.51 $9,200 $1,071,892 106.51 91.42 91.2 $101
Pipestone 11/14/2024 80.10 $11,400 $913,140 71.24 88.94 90.3 $126
Norman 11/14/2024 240.00 $4,850 $1,164,000 231.36 96.40 83.2 $58
Watonwan 11/14/2024 154.35 $9,200 $1,420,020 152.10 98.54 84.0 $110
Mower 11/18/2024 145.19 $3,700 $536,500 127.66 87.93 66.7 $55
Mower 11/18/2024 27.20 $9,100 $245,700 25.26 92.87 90.0 $101
Mower 11/18/2024 92.10 $4,195 $386,400 88.45 96.04 80.3 $52
Mower 11/18/2024 75.00 $9,600 $720,000 73.33 97.77 89.7 $107
Lincoln 11/19/2024 222.50 $6,300 $1,401,750 194.58 87.45 86.8 $73
Chippewa 11/19/2024 80.14 $9,700 $777,358 72.80 90.84 90.3 $107
Chippewa 11/19/2024 79.86 $9,475 $756,674 77.21 96.68 71.9 $132
Lincoln 11/19/2024 102.58 $7,650 $784,737 95 92.61 86.5 $88
Nobles 11/22/2024 80.00 $16,000 $1,280,000 79.15 98.94 96.3 $166
Big Stone 11/25/2024 157.00 $7,300 $1,146,100 137.99 87.89 88.9 $82
Clay 11/26/2024 45.00 $5,200 $234,000 42.55 94.56 78.0 $67
Clay 11/26/2024 69.21 $4,800 $332,208 68.74 99.32 82.3 $58
Totals/Averages 6364.25 $7,804 $47,848,055 5937.59 93.69 83.3 $96

South Dakota Farmland Recent Sales

County Date Sold Total Acres $/Acre Total Price Tillable Acres % Tillable Soil Score $/CPI
Union 11/01/2024 70.14 $17,200.00 $1,206,408 70.14 100.00 95.3 $180.48
Hanson 11/07/2024 305.39 $9,800.00 $2,992,822 282.48 92.50 79.7 $122.96
Union 11/07/2024 74.00 $11,800.00 $873,200 70.39 95.12 72.3 $163.21
Union 11/07/2024 80.59 $11,000.00 $886,490 78.87 97.87 69.6 $158.05
Hanson 11/07/2024 152.79 $15,200.00 $2,322,408 152.79 100.00 81.6 $186.27
Turner 11/08/2024 101.25 $12,500.00 $1,265,625 99.44 98.21 82.4 $151.70
Hanson 11/13/2024 307.91 $8,600.00 $2,648,026 298.12 96.82 78.0 $110.26
Edmunds 11/14/2024 480.00 $5,200.00 $2,496,000 416.29 86.73 72.1 $72.12
Turner 11/14/2024 80.40 $10,050.00 $808,020 79 98.26 85.0 $118.24
Turner 11/14/2024 78.10 $9,850.00 $769,285 77 98.59 82.4 $119.54
Minnehaha 11/15/2024 160.69 $13,250.00 $2,129,143 152.76 95.07 74.5 $177.85
Minnehaha 11/15/2024 201.49 $14,050.00 $2,830,935 192.05 95.31 73.9 $190.12
Minnehaha 11/15/2024 80.25 $12,550.00 $1,007,138 78.40 97.69 72.5 $173.10
Lincoln 11/19/2024 154.40 $15,000.00 $2,316,000 151.50 98.12 84.9 $176.68
Kingsbury 11/20/2024 160.00 $5,750.00 $920,000 153.94 96.21 70.2 $81.91
Kingsbury 11/20/2024 160.00 $5,500.00 $880,000 157.40 98.38 49.1 $112.02
Brule 11/21/2024 155.00 $7,150.00 $1,108,250 126.73 81.76 78.9 $90.62
Brookings 11/21/2024 298.90 $14,500.00 $4,334,050 274.67 91.89 78.6 $184.48
Minnehaha 11/21/2024 78.95 $26,500.00 $2,092,175 78.45 99.37 87.7 $302.17
Union 11/21/2024 77.61 $13,200.00 $1,024,452 75 96.64 66.1 $199.70
Union 11/21/2024 105.04 $11,300.00 $1,186,952 101 96.15 59.9 $188.65
Minnehaha 11/22/2024 158.98 $17,100.00 $2,718,558 155.39 97.74 83.2 $205.53
Union 11/23/2024 76.48 $14,000.00 $1,070,720 76.37 99.86 75.9 $184.45
Hanson 11/25/2024 71.90 $6,450.00 $463,755 65.36 90.90 68.0 $94.85
Totals/Averages 3670.26 $11,979.17 $40,350,410.50 3,463.54 95.80 75.9 $156.04

Nebraska Farmland Recent Sales

County Date Sold Total Acres $/Acre Total Price Tillable Acres % Tillable Soil Score $/NCCPI
Fillmore 11/01/2024 40.00 $7,200.00 $288,000 38.16 95.40 66.0 $109.09
Fillmore 11/01/2024 114.50 $12,100.00 $1,385,450 113.69 99.29 62.9 $192.37
Fillmore 11/01/2024 67.00 $11,800.00 $790,600 67.00 100.00 67.3 $175.33
Wayne 11/01/2024 160.00 $11,343.75 $1,815,000 153 95.63 70.9 $160.00
Johnson 11/04/2024 147.53 $9,850.00 $1,453,171 124.00 84.05 53.3 $184.80
Wayne 11/04/2024 160.00 $13,500.00 $2,160,000 152 95.00 70.3 $192.03
Clay 11/12/2024 159.32 $10,600.00 $1,688,792 155.28 97.46 68.8 $154.07
Clay 11/12/2024 63.40 $7,500.00 $475,500 62.22 98.14 68.4 $109.65
Cuming 11/12/2024 151.59 $9,000.00 $1,364,310 142 93.67 70.7 $127.30
Cuming 11/12/2024 160.00 $10,000.00 $1,600,000 152 95.00 72.5 $137.93
Cuming 11/12/2024 152.35 $9,005.58 $1,372,000 144 94.52 69.4 $129.76
Cuming 11/12/2024 126.60 $6,903.63 $874,000 117 92.42 75.8 $91.08
Dodge 11/12/2024 153.88 $12,500.00 $1,923,500 153 99.43 71.2 $175.56
Gosper 11/14/2024 158.00 $6,350.00 $1,003,300 128.18 81.13 69.6 $91.24
Gosper 11/14/2024 320.00 $8,900.00 $2,848,000 260.00 81.25 71.6 $124.30
Gosper 11/14/2024 160.00 $6,150.00 $984,000 130.27 81.42 69.8 $88.11
Gosper 11/14/2024 158.00 $8,100.00 $1,279,800 129.55 81.99 71.6 $113.13
Gosper 11/14/2024 312.00 $6,100.00 $1,903,200 273.00 87.50 63.9 $95.46
Hamilton 11/14/2024 77.93 $9,500.00 $740,335 74.52 95.62 67.8 $140.12
Phelps 11/14/2024 324.41 $13,150.00 $4,265,992 314.89 97.07 76.5 $171.90
Hamilton 11/14/2024 78.92 $13,000.00 $1,025,960 77.96 98.78 68.7 $189.23
Adams 11/15/2024 153.63 $11,100.00 $1,705,293 133.29 86.76 66.2 $167.67
Adams 11/15/2024 153.22 $9,800.00 $1,501,556 135.15 88.21 63.6 $154.09
Adams 11/15/2024 155.53 $11,300.00 $1,757,489 137.28 88.27 68.7 $164.48
Adams 11/15/2024 153.95 $11,200.00 $1,724,240 145.00 94.19 67.3 $166.42
Dodge 11/15/2024 126.26 $14,700.00 $1,856,022 120 95.04 70.0 $210.00
Adams 11/18/2024 156.98 $10,200.00 $1,601,196 154.93 98.69 74.6 $136.73
Thurston 11/19/2024 77.76 $9,100.00 $707,616 75 96.45 70.1 $129.81
Frontier 11/20/2024 321.58 $2,804.90 $902,000 266 82.72 68.8 $40.77
Furnas 11/21/2024 194.00 $6,300.00 $1,222,200 160.00 82.47 69.1 $91.17
Seward 11/25/2024 122.50 $7,700.00 $943,250 118 96.33 70.9 $108.60
Seward 11/25/2024 160.00 $6,650.00 $1,064,000 157 98.13 67.8 $98.08
Buffalo 11/27/2024 146.91 $7,998.09 $1,175,000 146 99.38 60.8 $131.55
Sherman 11/27/2024 160.00 $5,625.00 $900,000 149 93.13 65.2 $86.27
Totals/Averages 5,327.75 $9,324.44 $48,300,771 4,858.37 92.49 68.5 $136.42

Missouri Farmland Recent Sales

County Date Sold Total Acres $/Acre Total Price Tillable Acres % Tillable Soil Score $/NCCPI
Shelby 11/01/2024 160.00 $11,850.00 $1,896,000 140.00 87.50 64.5 $183.72
Holt 11/01/2024 36.27 $9,010.00 $324,360 35.42 97.66 55.9 $161.18
Holt 11/01/2024 53.80 $6,075.00 $328,050 53.80 100.00 56.5 $107.52
Scott 11/08/2024 160.00 $14,075.00 $2,252,000 158.32 98.95 47.8 $294.46
Scott 11/08/2024 160.00 $14,075.00 $2,252,000 158.32 98.95 47.8 $294.46
Vernon 11/08/2024 40.90 $5,466.72 $223,589 36 88.02 69.0 $79.23
Monroe 11/12/2024 122.30 $6,600.00 $807,180 104.26 85.25 63.7 $103.61
Monroe 11/12/2024 119.90 $6,600.00 $791,340 111.39 92.90 67.1 $98.36
Chariton 11/13/2024 70.80 $9,000.00 $637,200 57.00 80.51 60.3 $149.25
Chariton 11/13/2024 40.30 $12,600.00 $507,780 38.19 94.76 86.3 $146.00
Chariton 11/13/2024 163.80 $10,325.00 $1,691,235 160.86 98.21 83.1 $124.25
Chariton 11/13/2024 131.10 $13,000.00 $1,704,300 128.95 98.36 86.3 $150.64
Chariton 11/13/2024 161.00 $11,025.00 $1,775,025 141 87.58 56.1 $196.52
Chariton 11/13/2024 160.40 $11,125.00 $1,784,450 133 82.92 55.8 $199.37
Shelby 11/14/2024 81.14 $11,350.00 $920,939 74.74 92.11 68.7 $165.21
Shelby 11/14/2024 101.56 $17,025.00 $1,729,059 95.98 94.51 68.8 $247.46
Carroll 11/21/2024 48.00 $6,300.00 $302,400 41.49 86.44 64.1 $98.28
Lewis 11/21/2024 35.30 $8,825.00 $311,523 31.12 88.16 65.6 $134.53
Bollinger 11/21/2024 40.94 $15,718.12 $643,500 37.72 92.13 67.1 $234.25
Lewis 11/21/2024 42.70 $10,525.00 $449,418 40.46 94.75 67.2 $156.62
Carroll 11/21/2024 80.00 $6,300.00 $504,000 76.45 95.56 66.6 $94.59
Carroll 11/21/2024 40.00 $14,000.00 $560,000 38.29 95.73 66.1 $211.80
Lewis 11/21/2024 67.20 $11,025.00 $740,880 64.59 96.12 65.4 $168.58
Totals/Averages 2,117.41 $10,517.17 $23,136,227 1957.35 92.48 65.2 $165.21

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.