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Multigenerational farmland hitting the market
Historically high prices are drawing multigenerational farmland into the market.
Compeer Financial VP of appraisal Mike Morris says buyers are paying a premium for “once in a lifetime” ground.
“If it’s been tied up with one family for 50, 70, even 100 years, it’s unlikely maybe the neighbors will have an opportunity to purchase again really. Because those types of farms tend to not get traded a lot.”
He tells Brownfield farm sales of $20,000 an acre have become commonplace for high quality land.
“It just was really fueled by strong corn prices, strong commodity prices not just corn, but just that continual upward trajectory through the summer.”
Morris does expect the farmland market to level off going into 2023 partly because of rising interest rates.
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