Bidders turned out in force Jan. 29 to compete for approximately 604 acres of farmland in Ohio’s Mercer County, resulting in some land selling for up to $11,883 per acre. Schrader Real Estate and Auction Company conducted the auction.
In all, the land sold for a total of $6,341,000. The auction attracted a capacity crowd including more than 70 registered bidders, according to Jerry Ehle, who managed the auction.
“We literally had people shoulder to shoulder and spilling out into the hallway,” Ehle says. “Most of the bidders were farmers, and 10 different bidders bought land.”
Most of the tracts sold for more than $10,000 per acre, with three tracts — totaling approximately 151 acres — selling for $11,000.
“There haven’t been many recent auctions of comparable acreage in the area, so this provided an early opportunity to see where the market is,” says R.D. Schrader, president of the auction company. “Eleven out of the 14 tracts sold for more than $10,000 per acre. This has to be encouraging for those with farmland to sell.”
Source: Schrader Real Estate and Auction Company