“The land market remains strong locally. In spite of elevated interest rates and lowering commodity prices that might work against current land values, a variety of factors continue to bolster the market. Record net farm income levels in 2022, followed by another strong net farm income year in 2023, has strengthened farmers’ buying position. We continue to observe a high volume of 1031 exchange funds being utilized to purchase farmland, in addition to both private and institutional investors being continually interested in farmland as both a diversified investment strategy for annual return and a chance to capture long-term appreciation. In areas where farmer interest is not high and cash/exchange funds are not present, we have observed recent instances of farms selling under perceived market value. As we enter the portion of the year where crops are planted and farms are less likely to sell prior to harvest, it is a great time to assess a farm’s value. If you or a client has a farm and are working on estate planning, transitioning operations to the next generation, or are simply wishing to inquire about the current value of your land, we would love to talk with you about a market analysis of the farm. We understand the local land market and its primary driving factors, and we give honest feedback and assessment of land values.”
2024 Sales: 2,600± Acres – $40.1MM
| Tippecanoe County, IN 222.17 acres sold on 3/27/24 for $5,110,761 | Benton County, IN 234.19 acres sold on 3/18/24 for $4,100,000 |
| Boone County, IN 43 acres sold on 3/1/24 for $1,950,000 | Miami County, IN 111.82 acres sold on 2/12/24 for $1,800,000 |
| Porter County, IN 126.5 acres sold on 2/15/24 for $1,700,000 | Iroquois County, IL 476.87 acres sold on 1/31/24 for $6,300,000 |
| Jasper County, IN 128.89 acres sold on 2/07/24 for $1,804,500 | Iroquois County, IL 117 acres sold on 1/31/24 for $1,317,800 |
| Boone County, IN 168.46 acres sold on 1/30/24 for $3,080,000 | Douglas County, IL 250 acres sold on 1/12/24 for $4,520,160 |
| Montgomery County, IN 296.5 acres sold on 1/9/24 for $3,333,222 | Carroll County, IN 150 acres sold on 1/8/24 for $1,700,000 |
| Clinton County, IN 192.2 acres sold on 2/16/24 for $1,866,516 116.5 acres sold on 2/16/24 for $1,585,000 | Carroll County, IN 150 acres sold on 1/8/24 for $1,700,000 |
Essential Reads for Land Investors
In February of 2024, the USDA announced the results of the 2022 Census of Agriculture, which is a highly anticipated report that is compiled every five years. The link below is to the Van Trump Report about the Census, which includes an interesting analysis of farm size and farmer age trends found in the Census.
Census of Agriculture Shows Continuing Decline in Farms and Acreage – The Van Trump Report
The article from Successful Farming linked below indicates an increase in the rate of solar leases on farmland in the Midwest. This strong lease rate translates to higher land values in areas where solar development is present or impending. A notable source in the article is Purdue’s month Ag Economy Barometer.
Common offer to lease farmland for solar panels: $1,000 an acre (agriculture.com)
