October 2024 Wallace’s Farmer MarketPlace Extra

October 2024 Land Values Update 

Each year in the post-Labor Day, pre-harvest timeframe, there’s always great anticipation. For one, farmers and landowners are anxious to get into the harvest season to capture the payoff from the hard work and planning that went into the year. That tendency holds this year, as most areas of Iowa are expectant of an average-plus crop. The countryside is also always anxious to see the new “crop” of upcoming farmland sales that are common to occur each fall and winter. The fall of 2024 will be no different.

While the farmland market has largely been in a holding pattern for much of 2024 thus far, the outcome of harvest every year seems to set the tone for the land market moving forward. Market participants will take stock of production totals, grain markets, interest rates, on-farm profitability, and a forward view into 2025 – and the market then adjusts based on that calculus. It’s not an exact formula, and there will be differences from area-to-area. The fall of 2024 does feel a little different than other recent years, as it has been marked by a return to low commodity prices. So, one of the interesting storylines this fall and winter, is how the market will absorb the farms that are offered, and at what price level. Will there be any broad market movements? Land prices at sales late this summer have been “stickier” than some expected, but the fall sales volume will be the true test. The anticipation is building, so stay tuned.

NORTHWEST

Dickinson County:

Located northeast of Lake Park, 77 +/- acres recently sold at public auction for $14,450 per acre. The farm consisted of 77 +/- tillable acres with a CSR2 (Corn Suitability Rating index) of 82.7, and equaled $175 per CSR2 point on the tillable acres.

NORTH CENTRAL

Mitchell County:

Located north of Riceville, 80 +/- acres recently sold at public auction for $15,750 per acre. The farm consisted of 75 +/- tillable acres with a CSR2 of 74.7, and equaled $225 per CSR2 point on the tillable acres.

NORTHEAST

Chickasaw County:

Located southeast of New Hampton, 80 +/- acres recently sold for $17,500 per acre. The farm consisted of 81 +/- tillable acres with a CSR2 of 88.2, and equaled $196 per CSR2 point on the tillable acres.

WEST CENTRAL

Calhoun County:

Located north of Yetter, 160 +/- acres recently sold at public auction for $15,700 per acre. The farm consisted of 155 +/- tillable acres with a CSR2 of 87.5, and equaled $185 per CSR2 point on the tillable acres.

CENTRAL

Tama County:

Located northwest of Traer, 79 +/- acres recently sold for $12,300 per acre. The farm consisted of 76 +/- tillable acres with a CSR2 of 76.8, and equaled $166 per CSR2 point on the tillable acres.

EAST CENTRAL

Clinton County:

Located southwest of Lost Nation, 40 +/- acres recently sold for $11,600. The farm consisted of 40 +/- tillable acres with a CSR2 of 69.6, and equaled $167 per CSR2 point on the tillable acres.

SOUTHWEST

Fremont County:

Located east of Sidney, 84 +/- acres recently sold at public auction for $16,250 per acre. The farm consisted of 79 +/- tillable acres with a CSR2 of 93.7, and equaled $184 per CSR2 point on the tillable acres.

SOUTH CENTRAL

Clarke County:

Located southeast of Osceola, 72 +/- acres recently sold at public auction for $5,000 per acre. This property was a mix of open pasture that included approximately 25 acres of timber, along with a pond.

SOUTHEAST

Jefferson County:

Located south of Brighton, 67 +/- acres recently sold at public auction for $15,100 per acre. The farm consisted of 62 +/- tillable acres with a CSR2 of 86.1, and equaled $189 per CSR2 point on the tillable acres.

Hensley is president of Hertz Real Estate Services, which compiled this list, but did not handle all sales.  Call Hertz at 800-593-5263 or visit hertz.ag.

Related Articles