The annual survey of farmland sales in 14 southwest Minnesota counties has been completed, and farmland values across those counties have increased 27.9% this year.
The survey collects bare farmland sales to non-related parties for the first six months of each year. Land values have been steadily increasing since a downward trend from 2014 through 2017. Last year, the increase across the 14 counties included in the survey was 6.4%. Land prices across the counties averaged $6.873 per acre in 2002.
Nobles County had the highest average sale price of the counties in the survey of $11,025 per acre. The largest increase was in Cottonwood County, with an increase of 86.77%, while Pipestone County experienced the largest decrease of 8.1% for the sales that met the bare farmland to non-related party transaction requirements.
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.