|Land prices for the month of August 2022 were stable to lower. We sold many tillable, recreational, farm, ranches at a variety of sale methods including live and online auction and on and off market traditional listings. The data from these diverse sales and methods of sale showed stable to lower however the outliers were a couple of very strong sales including one 33 acre tract in Dubuque County, IA selling at auction for $23,200 per acre or $350/CSR2 point at auction August 30th. |
Things that effected land prices over the month were interest rates, commodity prices, input prices, inflation, building expenses, fuel prices, and many different types of shortages effecting all categories. Interest rates being the largest facet of this list are in the 5% range compared to 3% just a few months ago. This change limits the amount a buyer can afford to pay for a property by increasing the monthly payment or reducing the numbers of buyers in the market.
As far as the downside, we experienced a 5-10% pull back over all across all markets month over month. This was partially due to the quality of the properties that were sold over the 30 days period being mostly B, C and D class properties. The A quality properties have stayed very competitive however the lower quality has slipped a little.
We have many buyers still looking for land and wanting to purchase all types of properties between now and the end of the year. If you have a property you are interested in selling while prices still remain historically very high, contact one of our agents today. We also have a handful of great live and online auctions over the course of the next 60 days. Learn more about each of these great properties on our dedicated auctions page.
Have a great start to harvest and hunting seasons!