Land prices in the month of May 2022 were stable to higher overall. We closed many land transactions primarily consisting of traditional listings, off market private negotiations, and 1031 exchange sales as well as took many new properties pending in hunting land, rural residential, and farm land in the states of IA, WI, MN, and CO.
Commodity prices have pulled back a little from their monthly peaks earlier primarily due to the weather turning around and most of the crop getting in the ground very quickly when things dried and warmed up. Also another area of discussion has been increasing interest rates which have not raised in commercial or land loans as much as the secondary residential side however is an area of consistent discussion currently.
Land prices in the month of May on tillable land were consistently over 100/CPI+ point in MN ranging from $8,000-$14,000+ per acre and 150-300/CSR2+ point in Iowa ranging from $9,600-$20,000+. In Wisconsin prices were from $4,500-10,000/acre based on quality and area of the state. On the hunting land side quality timbered recreational property is consistently ranging from $4,000-$7,000 per acre with one transaction going well over $8,000 per acre for a very high quality tract with excellent property management and timber assets on the property. In the state of Colorado hunting land is ranging from $1,500-$3,000+ consistently depending on water rights, property access, being buildable, proximity to larger towns, and utility availability.
Land is being used as an inflation hedge and cash purchases or 1031 exchanges are consistently the purchase motivator to name a few reasons buyers are currently buying. If you are interested in purchasing land we have 11 auctions scheduled between now and July 21st with many high quality tillable, hunting and development tracts scheduled to be sold int the next 45 days. We also have many new traditional listings available on our website with more coming soon.
Have a safe finish to planting and thank you for choosing High Point Land Company!