Land prices in the month of November 2019 trended down for new sales overall. We had a high number of successful closings from the previous 60 days that were higher than the overall new contract prices for new sales in the month of November. Some of the factors that affect land prices up and down were an interest rate decline, extremely wet harvest season, commodity market overall low, hunting season, or unstable rut activity.
The whitetail rut this year was very aggressive in some areas and seemed to be non-existent in others which was surprising due to the overall cold Midwest weather. Land prices traditionally were down in November due to the harvest being busy. However, we did see an increase of interest in hunting land, especially in whitetail properties during the middle of October through the end of the year. Hunting land annually has the most interest when people most enjoy their time in the outdoors. This time in the Midwest is during the late spring when it dries up and early fall before it gets too cold. When a buyer or current owner of hunting land is preparing or experiencing lower than expected results, they trade that property in on another or purchasing a property of their own to control that experience. Hunting land prices have remained stable to trending upwards and remain strong overall in Western Wisconsin, Southeastern Minnesota, and Northeastern Iowa. We have some of the best deer hunting in the country in these areas with huge body sizes, big antlers along with beautiful terrain, and excellent trout fishing. The general economy and growth in major cities in the areas of Rochester, La Crosse, Winona, Waterloo, Cedar Rapids, Dubuque, Minneapolis, St. Paul, Mankato, and Decorah are diversified and healthy also allowing for 1031 exchange buyers exiting out of other appreciated real estate into rural recreational land purchases.
Tillable land prices have remained stable in Northeastern Iowa and trended down in Minnesota and Wisconsin this month. This is because of the quality of the available tracts that were traded and additionally affected the struggling dairy commodities.
If you or someone you know is interested in having a tract of land they own valued for a sale, check out our new land evaluator on our website. If you are wondering what is the best time to sell farmland or when is the best time to sell hunting land you are welcome to have a free no obligation evaluation completed by one of our knowledgeable agents. They are available to help and add value to any of your land questions.
We hope you had an enjoyable Thanksgiving and look forward to helping you with any of your land real estate needs.
What is Land Selling for This Month
