Farmland prices haven't softened in Champaign County, Illinois. It was thought that a new record for farmland prices in the county was reached this week when $15,375/acre price was paid for a 173-acre farm.
These higher prices follow the predictions offered by farm real estate experts in our December Buyer's Forecast 2013 for farmland.
Closer look: Read the 2013 Buyer's Forecast for farmland prices.
The real estate firm handling the sale was Murray Wise Associates, headquartered in Champaign, Ill. “This is the first time I've seen farmland prices without development potential exceed $15,000 per acre in Champaign County,” reported Joe Bubon, executive vice president.
Bubon said the land was offered in three tracts but eventually sold in its entirety to a local, single buyer group made up of two farmers and an investor.
“We had a good mix of farmers and local investors,” Bubon explained. “Farmers were a major factor in this auction because it makes sense to purchase this and integrate it into their existing operations.”
The properties were located off County Road 1400 North, approximately two miles east of Urbana.
For more information about Murray Wise Associates, call 800/607-6888 or visit murraywiseassociates.com.
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