Average ND land prices up 14% in 2011
Average cropland values in North Dakota increased 14% in 2011, according to a compilation of sales reported by the North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers.
Cropland in the Red River Valley, which consists of 12 counties in Minnesota and North Dakota, increased 10%. Individual counties saw some big increases in land prices.
Slope County, in southwest North Dakota, had an 81% increase, with sale prices ranging from $700 to $1,650 per acre in 2011, compared to $500 to $800 per acre in 2010. Also in the southwest, Golden Valley County had a 63% increase and Bowman County had a 57% increase.
In the east, Barnes County had prices in the range of $800 to $4,300 per acre in 2011, compared $725 to $2,575 in 2010, for a 55% increase.
• Appraisers report a 14% increase in North Dakota land values for 2011.
• Land values climbed an average of 10% in the Red River Valley last year.
• Prices in Slope County, in the southwest part of the state, increased 81%.
Cass County land sale prices ranged from $1,200 to $5,720 per acre in 2011, compared to $800 to $3,500 per acre in 2010, rising 61%.
Despite excessive rain in the north-central part of the state, land prices remained strong. In Renville County, cropland prices increased 34%.
Since 2008, the average value of ag land in North Dakota and in the Red River Valley has increased 36%, according to the figures compiled by the chapter. Land values climbed 50% in the northeast, 43% in the southeast, 48% in the northwest and 53% in the southwest.
The North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers has 59 members. Most members hold a designation such as Accredited Rural Appraiser, Accredited Farm Manager, Real Property Review Appraiser, Member Appraisal Institute and/or Certified General Appraiser. Thirty-four members contributed to the organization’s 2011 report.
This article published in the March, 2012 edition of DAKOTA FARMER.