News

Farm land values drop in SW Minnesota

Sat 2-20-2021

WORTHINGTON, Minn (2-15-21) —  The annual survey has been conducted of farm land sales in fourteen southwestern Minnesota counties.  The survey collects bare farm land sales to non-related parties for the first six months of each year. Land values had been steadily increasing until 2014.  After reaching record high prices in 2013, the upward trend was broken as prices declined in 2014 and continued down through 2017.  The trend changed to an increased in 2018 and remain constant in 2019, then declined in 2020. 

This year the decrease across the fourteen counties averaged 3.1%.   SW Minnesota land prices peaked at $8,466 per acre then declined through 2017 to $6,340 until increasing in 2018 to $6,589 and declined slightly to $6,576 in 2019 and then to $6,371 in 2020.

Farmland prices decreased in nine counties and but increased in five counties including Jackson, Martin, Murray,  Pipestone, and Redwood from 2019 to 2020.  There was a lot of variability in the numbers from 2019 to 2020.  The largest increase was in Martin with an increase of 28.6% while Lincoln experienced the largest decrease of 33.6% for the sales that met the bare farmland to non-related party transaction requirements.

Martin County had the highest average sale price of $8,894 per acre and Lincoln the lowest at $3,853 per acre. 

 

County

2015

2016

2017

2018

2019

2020

Cottonwood

$6,400

$6,450

$7,266

$7,322

$8,064

$5,811

Jackson

$7,311

$6,825

$7,399

$6,671

$6,361

$7,334

Martin

$7,513

$7,744

$6,370

$6,120

$6,915

$8,894

Murray

$6,207

$6,890

$6,135

$6,406

$5,446

$6,055

Nobles

$8,200

$8,828

$7,132

$8,548

$8,152

$6,664

Watonwan

$6,681

$6,749

$6,588

$7,373

$6,006

$5,948

Average

$6,929

$6,751

$6,340

$6,589

$6,576

$6,371

 

The summary report for this survey is available at the county extension offices in Chippewa, Cottonwood, Jackson, Lac qui Parle, Lincoln, Lyon, Martin, Murray, Nobles, Pipestone, Redwood, Rock, Watonwan and Yellow Medicine Counties.