Row crop farmers were a “large share” of the buyers, although investors in and out of Minnesota also purchased land.
“Multiple farms sold for more than $10,000 an acre, which was rare prior to 2021,” said the regional report. Values for tillable land increased between 10% and 20% in most areas from the prior year. The highest regional increase in the “low” third of land quality was in Lincoln County, where rents increased from 33% to 52%. The “low” third of Rock County rents ranged from $175 per acre to $250 per acre in 2021, compared to the $175 per acre to $225 per acre range paid for the “low” third of rents in 2020. The “average” Rock County rental range went from $250 per acre to $375, up 12% to 36% from the $250 per acre to $375 range in the 2020 report. That was up 36% to 50% from 2020 when the top third of all rents in that county ranged from $275 per acre to $300 per acre. Rents – The top rents for the region were in Nobles and Rock counties, on the Iowa border in the southwest corner of the state.įor example, in Rock County, rents in the “high” third of the rents negotiated in 2021 ranged from $375 an acre to $450 per acre. Terry Longtin, of Grand Forks, North Dakota, area vice president for the northern region for Farmers National Co., wrote a Market Conditions report for both reports. Nearly 50 members contributed, which is slightly better than the 30% to 40% average. The chapter has 110 members, including farm managers, appraisers and related consultants. The chapter reports on actual land sales and cash rent contracts, omitting “non-typical” transactions, including sales between “related parties, irrigated (wet) cropland, transitional and/or development land, land under restrictive easements, etc.” The organizers noted that because the rates were handled by ASFMRA members, they would likely bring “premium rents compared to privately negotiated rental rates.” Ag land values are generally higher in the southern part of the state than the north. The report, released March 1, 2022, does not give a state score but focuses on local and county changes.
Minnesota land values in 2021 increased from 2020, according to a report from the Minnesota chapter of the American Society of Farm Managers and Rural Appraisers. Data last updated: Tuesday, May 16th, 2023 at 05:37:58 AM.FARGO, N.D. Information, including that related to open houses, deemed reliable, but not guaranteed.
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