Land prices for the month of May 2020 were stable to slightly lower overall across our entire Midwest service area. We saw many “investor” classified land buyers make offers and express interest in the land and rural real estate market. We had our largest closing month ever finalizing many land auction sales from April as well as scheduled new auctions and brought new listings to the market that had unprecedented high interest levels as soon as they hit the market.
The stable levels of land prices came on the highly desirable tracts of hunting, recreational, tillable, and rural homes. Properties with good timber assets, good soil quality and tile situations or on blacktop with well-kept building sites were among the highest internet’s levels. The high per tillable acre across all states was Iowa at $9650/acre followed by a Wisconsin 200 acre tillable farm sold at auction for $8000/acre.
The properties that traded at lower prices were those of lesser quality in one or more categories. Tile, water issues, poor hunting neighborhood, access to utilities, public roads, cities or local amenities were factors to these tracts as well as lower soil quality, cut up smaller fields, and work needing to be completed on the properties made for negative impacts on the price of those properties.
Overall, the land market has remained stable with good equity in land as well as many new buyers entering the market and looking at property as approved buyers. If you or someone you know is interested in purchasing land or selling in the future, this is a great time to do or plan for either for many reasons; rates have remained low and land as an investment looks very positive.
Contact one of our agents today or check out our website for more available properties in your area.