Minnesota: Farmland Real Estate Sales Booming

Minnesota Real EstateThe bidders drove over snow- and ice-covered highways for a chance to own one of the most lucrative properties in the U.S. Midwest: 120 acres of farmland in Greene County, Iowa.

The winner of last month’s auction at St. Joseph’s Parish Center in Jefferson offered $8,200 an acre — almost $1 million — for the plot in Scranton Township. That’s 44 percent higher than the $5,701 per-acre estimate for average values in the county as of Nov. 1, according to Iowa State University data.

“It’s reflective of what we’re seeing,” Mike Duffy, an Iowa State economist in Ames, said of the auction outcome. “There’s just not a lot of ground offered for sale.”

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