Iowa set another record for farmland sales. Seventy-three acres of high-quality farmland in Sioux County, Iowa, sold for $30,000 per acre at auction on November 11.
That’s a total sale worth $2.195 million. That’s just part of a new $30,000-per-acre club in Iowa. A local farmer was the buyer, and the runner-up was also a farmer.
A statement from Iowa Appraisal says the company can’t explain these recent price records. The price itself got negotiated in just minutes. “There’s no really good explanation for sudden jumps in these record prices,” the company says.
The farm had 72.49 tillable acres with a balance in roads and ditches. Its corn acreage base is 28.19 acres with a yield of 172 bushels an acre, and a soybean base of 38.19 acres with a yield of 56 bushels an acre.
A recent auction saw 116 acres of southeast Nebraska farmland sell for $27,400 per acre.