Iowa State University Extension economist Chad Hart says a 76-acre parcel in east-central Iowa sold earlier this month for $26,000 an acre.
“I won’t necessarily call it crazy because when you think about what’s been happening over the past 12 months, we’ve seen prices basically double and then pull back a little bit. We’ve seen our input costs rise quite a bit, and we’re seeing that same sort of push when we look at the land market these days.”
He tells Brownfield there should be plenty of sellers in the months ahead.
“I think that’s sort of the expectation is that we’ve hit a couple of these really high land values, and when we look at some of these sales, that’s going to encourage a fair amount of land to come in. And that’s going to help mitigate some of this price rise that we’ve seen.”