Land Sale in Missouri Sets New Record
According to the bill of sale from Dyer and Fenner Auctioneers, the record sale happened last Thursday in Saline County, Mo. Two farmers got in a bidding war, and in just 15 minutes the 115 acres sold for $34,800 an acre, setting the new record.
The buyer wasn’t an investor. The winning bid came from a farmer by the name of Jeff Baxter from neighboring Carroll County, Mo. According to area farmers, the competing bidder was a farmer who’s home farm touches the land that was for sale.
Jim Rothermich of Iowa Appraisal says the bidding started at $15,000 an acre for the piece of ground that had been in the same family for four generations.
“It happened in 15 minutes, and that’s a fast auction,” says Rothermich. “That was rapid-fire bidding. There couldn't have been any hesitation at bidding. It was a fast auction with a more than $4-million deal resulting. There were two bidders, each on a mission that somebody was going to buy that farm, and it all happened very fast.”
Rothermich says the land market has definitely seen a slowdown, but this just proves if it’s high-quality ground—and the buyer has cash—anything is possible.
“What surprises me is the last time we've seen a record price was November 10, 2022. It was $30,000 an acre in Sioux County, Iowa, and it was 73 acres,” says Rothermich. “I thought that record would last for a couple of years, or at least until we got back to $7 corn or $8 corn. Well, that record didn't even last a year. And not only did we go past it, we blew past that previous record.”