Top Land Auction Highlights: Q1 2024
April 2024
The first quarter of 2024 saw an active land market with several significant auctions. From the rich fields of Iowa to the fertile lands of Minnesota and North Dakota, these events highlighted the dynamic nature of land transactions. Here's a closer look at our top land auctions for the quarter:
Jasper County, IA Land & Acreage Auction - 248.75± Acres, 5 Tracts
On January 24, 2024, an extensive auction in Jasper County, IA, showcased 248.75± acres across 5 tracts, revealing the high demand for quality agricultural land. The first two tracts brought notable prices.
Tract 1: Sold for $17,200/acre
Tract 1 of the Jasper County, IA, land and acreage auction involved 73.84± surveyed acres, showcasing the high-quality agricultural land this region is known for. The FSA indicates that the tract contains 74.39 cropland acres, highlighting its prime agricultural value. Furthermore, the Corn Suitability Rating 2 (CSR2) for these cropland acres stands at an impressive 87, underlining the land's excellent potential for corn production. This tract is conveniently located in Section 22, Malaka Township, Jasper County, Iowa, making it a highly desirable piece of agricultural real estate that was sold for $17,200/acre.
Tract 2: Sold for $14,200/acre
Tract 2 offered a total of 74.30± surveyed acres, demonstrating Jasper County's commitment to quality farmland. According to the FSA, this tract comprises 73.09 acres of cropland, which solidifies its potential for agricultural productivity. The Corn Suitability Rating 2 (CSR2) for these acres is 75, indicating very good conditions for crop cultivation, particularly for corn. This parcel is strategically located in Section 15, Malaka Township, Jasper County, Iowa, showcasing its value and appeal to those looking for premium agricultural land. The auction concluded with Tract 2 being sold for $14,200/acre.
Mower County, MN Land Auction - 80± Acres
This auction on February 14, 2024, in Mower County, MN, involved 80± acres offered in one tract, highlighting the premium value of land in the region.
Tract 1: Sold for $12,600/acre
The Mower County, MN, land auction featured an exceptional piece of agricultural real estate located just a stone's throw away from Le Roy, MN, encompassing 79.78± acres. This parcel boasts a remarkable Crop Productivity Index (CPI) of 92.2, underscoring the land's exceptional quality and suitability for high-yield agriculture. It's also noteworthy that this land is open for the 2024 crop season, offering immediate cultivation opportunities. Situated just 2 miles from the Minnesota/Iowa border in Lodi Township, this parcel represents a unique opportunity to own high-quality agricultural land, meticulously presented by the Steffes Group at the auction, which successfully sold the tract for $12,600/acre.
Henry County, IA Land Auction - 200± Acres, 2 Tracts
On February 22, 2024, Henry County, IA, saw 200± acres of its prime land sold in two tracts, demonstrating the strong interest in the area's agricultural prospects.
Tract 1: Sold for $16,050/acre
Tract 1 in the Henry County, IA, land auction presented a notable opportunity with 80± deeded acres, fully maximizing the agricultural potential of the area. The FSA documents this tract as having 80.71 acres of cropland, emphasizing the land's high productivity and utilization. Notably, it boasts a Corn Suitability Rating 2 (CSR2) of 86.4, which underscores the superior quality and capability of this land for corn production, among other crops. Perfectly situated in Section 15, Wayne Township, Henry County, Iowa, this tract combined prime location with exceptional land quality, making it a highly sought-after piece at the auction, and was sold for $16,050/acre.
Tract 2: Sold for $12,575/acre
Tract 2 of the Henry County, IA, land auction showcased 120± deeded acres, each echoing the promise of high agricultural yield and productivity. According to the FSA, this tract includes 118.46 acres of cropland, highlighting its near-total utilization for farming purposes. The Corn Suitability Rating 2 (CSR2) on these cropland acres is 81.7, reflecting very good potential for corn cultivation and other agricultural uses. Located in Section 11, Marion Township, Henry County, Iowa, this parcel marries ample space with optimized land quality, making it an attractive investment that was successfully auctioned for $12,575/acre.
Cass County, ND Land Auction - 462± Acres
On March 6, 2024, Cass County, ND, featured an auction for 462± acres, split into three tracts, reflecting the area's robust agricultural value and serving as a testament to growers and investors willing to pay at or above record prices.
Tract 1: Sold for $10,220/acre
Tract 1 in the Cass County, ND, land auction offered a distinctive composition of 137.02+ total acres, with a unique aspect where the cropland acres, totaling 141.67+, actually exceed the overall acreage due to the intensive agricultural use and optimization of the land. With a Soil Productivity Index (SPI) of 91, the land boasts highly fertile soil, predominantly consisting of Bearden-Kindred silty clay loams, which cover 100% of the tract. The auction highlighted this parcel's prime agricultural value, reflected in its successful sale for $10,220/acre.
Tract 2: Sold for $11,160/acre
Tract 2 of the Cass County, ND, land auction highlighted 160.47+ total acres of versatile and productive farmland. This tract impressively features 159.54+ acres of cropland, signaling its near-complete dedication to agricultural use. The Soil Productivity Index (SPI) for this tract stands at an admirable 92, indicative of its fertile soil composition. The predominant soil types include Bearden-Lindaas silty clay loams, accounting for 94.8% of the soil composition, and Kindred-Bearden clay loams making up the remaining 5.2%. This blend of soils underscores the tract’s capability for sustaining high agricultural yields, further enhancing its appeal at the auction, where it fetched a price of $11,160/acre.
Tract 3: Sold for $10,030/acre
Tract 3 in Cass County, ND, offered at the land auction, consisted of 164.84+ total acres, with an impressive 163.89+ of those acres dedicated to cropland. This tract's agricultural prowess is supported by a Soil Productivity Index (SPI) of 87, illustrating the land's good quality for farming purposes. The soil composition is predominantly Hegne-Fargo silty clay loam, which constitutes 98.6% of the soil makeup, while the remaining 1.4% is Fargo-Hegne silty clay. At the auction, this parcel's agricultural potential was recognized, culminating in a sale price of $10,030/acre.
These auctions highlight the vibrant land market as we move further into 2024. Each sale not only provides insight into the current value of agricultural and development land but also reflects the strategic importance of these regions for future growth and investment.
Stay tuned for more updates and highlights from the land auction scene as we continue to monitor the market's pulse through 2024.
