SW MINNESOTA COUNTY FARM
LAND PRICES
1993-2001
Compiled by Erlin Weness and Extension Educators in SW Minnesota
09/12/2001
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The amounts listed below are the prices paid per acre for total farmland acres (not tillable acres) in each listed county. The data is from farm sales recorded from January 1st through June 30th of the respective years. The data includes only bare land sales. No land and building combination sales are included. The information is from actual arms length sales reported to county authorities and collected by personnel of the University of Minnesota Extension Service. Sales data was not weighted for acres, each sale on a per acre basis was averaged to get the average price paid per acre.
Price Paid Per Acre for SW Minnesota Bare Farm Land
|
County |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
|
Brown |
$1560 |
$1298 |
$1314 |
$1563 |
$1664 |
$1862 |
$1697 |
$1833 |
$1917 |
|
Cottonwood |
NA |
NA |
$1630 |
$1308 |
$1355 |
$1141 |
$1262 |
$1308 |
$1721 |
|
Jackson |
$1454 |
$1656 |
$1402 |
$1480 |
$1587 |
$1572 |
$1756 |
$1833 |
$1891 |
|
Lincoln |
$ 606 |
$519 |
$580 |
$524 |
$586 |
$638 |
No Sales |
$774 |
$634 |
|
Lyon |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
NA |
$1524 |
|
Martin |
$ NA |
$1223 |
$1368 |
$1525 |
$1836 |
$2031 |
$1788 |
$2057 |
$2068 |
|
Murray |
$ 786 |
$969 |
$1043 |
$965 |
$1109 |
$1090 |
$1181 |
$913 |
$1323 |
|
Nobles |
$1028 |
$1013 |
$1221 |
$1245 |
$1370 |
$1319 |
$1528 |
$1481 |
$1728 |
|
Pipestone |
$ 839 |
$637 |
$825 |
$868 |
$993 |
$1074 |
$993 |
$1067 |
$950 |
|
Rock |
$1256 |
$1243 |
$1170 |
$1195 |
$1584 |
$1572 |
$1600 |
$1494 |
$1748 |
|
Watonwan |
$1150 |
$1421 |
$1341 |
$1342 |
$1579 |
$1594 |
$1552 |
$1628 |
$1635 |
Ten (10%) percent of the sales reported in 2001 were contract for deed sales compared to 90% mortgage or cash sales. The average contract for deed interest rate was 7.55% in 1993, 7.64% in 1994, 8.0% in 1995, 7.64% in 1996, 7.84% in 1997, 7.34% in 1998, 7.27% in 1999, 8.21% in 2000 and 7.51% in 2001. The 2001 range of contract for deed interest rates was 6% to 9%.
2001 Highest, Lowest and Average Recorded Price Paid Per Acre and
Crop Equivalency Rate (CER) and price paid per CER
| County & Number Sales | High | Ave | Low | Ave CER | Price Paid/CER/Acre |
| Brown (20) | $2463 | $1917 | $1406 | 77 | $25.5 |
| Cottonwood (13) | $2298 | $1721 | $1025 | 72 | $24.0 |
| Jackson (18) | $2500 | $1891 | $1500 | 77 | $24.5 |
| Lincoln (08) | $801 | $634 | $345 | 56 | $12.0 |
| Lyon (07) | $1931 | $1524 | $1095 | 67 | $67.2 |
| Martin (25) | $2543 | $2068 | $1448 | 75 | $27.9 |
| Murray (16) | $2000 | $1323 | $504 | 65 | $20.3 |
| Nobles (16) | $2360 | $1728 | $960 | 72 | $20.3 |
| Pipestone (9) | $1510 | $950 | $502 | 67 | $14.0 |
| Rock (11) | $2225 | $1748 | $569 | 88 | $19.4 |
| Watonwan (27) | $2022 | $1635 | $810 | 68 | $24.4 |
Comparisons of Actual Farmland Sales Prices with Assessors Estimated Market Value
Farmland sales from January 1 - June 30, 2000
|
County |
Average Actual Sale Price |
Assessors Est. Market Value |
Accessors EMV* as a % of Actual |
Average CER ** |
|
Brown |
$151,352 |
$140,363 |
92.74% |
77 |
|
Cottonwood |
$191,025 |
$172,400 |
90.25% |
72 |
|
Jackson |
$182,012 |
$166,014 |
91.21% |
77 |
|
Lincoln |
$96,329 |
$95,900 |
99.55% |
56 |
|
Lyon |
$170,696 |
$139,100 |
81.49% |
67 |
|
Martin |
$211,403 |
$189,917 |
89.84% |
75 |
|
Murray |
$162,420 |
$132,731 |
81.72% |
65 |
|
Nobles |
$241,496 |
$200,250 |
82.92% |
72 |
|
Pipestone |
$130,121 |
$110,878 |
85.21% |
67 |
|
Rock |
$178,641 |
$156,209 |
87.44% |
88 |
|
Watonwan |
$168,168 |
NA |
NA |
68 |
|
Average |
$171,242 |
$150,376 |
88.24% |
71% |
* Estimated Market Value
** Crop Equivalency Rating
Percentage of Farmland Price Change from Previous Year
|
Year |
|||||
|
County |
1997 |
1998 |
1999 |
2000 |
2001 |
|
Brown |
6.5 |
11.9 |
-8.9 |
8.1 |
4.6 |
|
Cottonwood |
3.6 |
-15.8 |
10.6 |
3.7 |
31.6 |
|
Jackson |
7.3 |
-1.0 |
11.7 |
4.4 |
3.16 |
|
Lincoln |
11.9 |
8.9 |
NA |
NA |
-18 |
|
Martin |
20.4 |
10.7 |
-12.0 |
15.1 |
0.05 |
|
Murray |
15.0 |
-1.8 |
8.4 |
-22.7 |
44.9 |
|
Nobles |
1.0 |
-3.8 |
15.9 |
-3.1 |
16.67 |
|
Pipestone |
14.8 |
8.2 |
-13.2 |
14.4 |
-10.9 |
|
Rock |
32.6 |
-0.8 |
1.8 |
-6.7 |
17 |
|
Watonwan |
17.7 |
0.1 |
-2.7 |
4.9 |
0.04 |
|
Average |
13.1 |
1.7 |
1.3 |
2.0 |
8.91 |
Price changes and percentage changes can be misleading since the quality of land that is sold in one year may not compact equally with the quality of land sold in a previous year.
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This page was created on 9/17/01 by E. Weness with assistance from M. Werner.