Unlocking the Value of Minnesota Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - October 2024 Report
Welcome to Our Monthly Minnesota Farmland Value Report
In this monthly report, Jason Smith, Land Broker and Auctioneer dives into Minnesota 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.
Jason Smith, Broker | Auctioneer
Founder, Farmland Auctioneer & Land Broker
Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across this Midwest. Jason has worked with hundreds of clients to create advantageous outcomes. If you are selling land schedule a consultation with Jason by calling or using the calendar.
Email: [email protected] | Phone: 515-537-6633
Understanding Minnesota Farmland Values:
Factors Influencing Farmland Values in Nebraska
In October 2024, the Creighton University Rural Mainstreet Index (RMI) showed ongoing challenges in rural farm economy. For the 14th consecutive month, the RMI stayed below growth neutral (50), reflecting tough conditions in the 10-state agricultural and energy-dependent region.
Minnesota’s Rural Mainstreet Index (RMI) showed signs of resilience amid broader regional challenges. The state’s RMI rose slightly to 49.8, up from 48.1 in September, coming close to the growth-neutral threshold of 50. However, farmland values saw a marginal decline, with the farmland price index slipping to 42.1 from 42.2. On the positive side, the new hiring index made a notable jump to 53.3 from 43.2, indicating stronger job growth in the agricultural sector. Despite these gains, Minnesota’s agricultural exports faced headwinds, with year-to-date exports of agricultural goods and livestock dropping 8.6% to $751.4 million from $821.7 million in the same period last year. This mixed performance reflects the ongoing complexity of Minnesota’s rural economy, balancing labor market improvements with export and pricing pressures.
The study also explored which presidential candidate bank CEOs believe would most support the rural economy. An overwhelming 85.2% of CEOs favored former President Trump, with only 3.7% supporting Vice President Harris and the remainder selecting other candidates. Now, with President Trump’s recent election victory as of November, there’s hope among these leaders that his policies will pursue growth in the rural economy over the next four years.
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.
Average Price of Farmland in Minnesota – 80% or more tillable Farms
• In the month of October, a total of 771.73 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 October sales is $7,697.24/acre.
• The highest selling farm in Minnesota in the month of October 2024 sold on October 23rd in Clay County for $1,562,574 or $6,700 per acre for 233.22 acres, with a CPI of 90.4.
• The highest selling price per acre farm went to 168.26 acres in Rock County that sold for $9,100/acre on October 4th. This farm is 95% tillable and has a 88.9 CPI which calculates to be $102/CPI.
Minnesota Farmland Recent Sales
| Date Sold | County | Total Price | Total Acres | $/Acre | Tillable Acres | $/Tillable Acre | % Tillable | Soil Score | Soil Score Index | $/CPI | Primary Crop (2023) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10/23/2024 | Clay | $1,344,000 | 160.00 | $8400.00 | 153.49 | $8756.27 | 95.93 | 89.4 | CPI | $93.96 | Corn |
| 10/23/2024 | Clay | $1,562,574 | 233.22 | $6700.00 | 228.02 | $6852.79 | 97.77 | 90.4 | CPI | $74.12 | Corn |
| 10/23/2024 | Clay | $640,000 | 80.00 | $8000.00 | 71.63 | $8934.80 | 89.54 | 92.1 | CPI | $86.86 | Soybeans |
| 10/23/2024 | Clay | $494,950 | 130.25 | $3800.00 | 112.55 | $4397.60 | 86.41 | 83.5 | CPI | $45.51 | Soybeans |
| 10/04/2024 | Rock | $1,531,166 | 168.26 | $9100.00 | 160.42 | $9544.73 | 95.34 | 88.9 | CPI | $102.36 | Corn |
| Averages/Totals | $5,572,690 | 771.73 | $6950.00 | 726.11 | $7697.24 | 93.00 | 88.9 | $80.56 |
Call us about selling your Minnesota land at (218) 297-5779. We can help you safely transition your land ownership using a private sale, public auction or even a private land auction.
Navigating the Selling Process:
Tips for Selling Your Farm in Minnesota
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 Minnesota
Meet our team of Minnesota 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:
Minnesota 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 Minnesota farmland or call us at 507-769-0128.