The market for farmland has remained steadfast throughout the coronavirus-driven economic turmoil, as demonstrated by the recent $3.07 million auction of 320 acres in Delaware County, Ind., near Muncie, according to R.D. Schrader, president of Schrader Real Estate and Auction Co. 

“Farmland remains a rare haven from the economic chaos roiling so many assets,” Schrader. “While the recent volume of land sold has been lower compared to other periods, the demand has remained very strong and the land has sold at excellent prices.”

In the Delaware County auction, almost 60% of the land — 191.5 acres — sold to a farmer for $1.77 million, or $9,243 per acre. Another 109 acres went to another farmer for $950,000, or $8,716 per acre. 

Also selling were a home on 7.5 acres, for $260,000 and 12 acres of rolling wooded land for $5,583 per acre. 

“There was very competitive bidding for all of the tracts, but the results on the tillable land are especially noteworthy when you consider the persistence of low commodity prices and the drag the pandemic has placed on our economy. They are also consistent with what we have seen in other auctions through the pandemic period. Based on this, I believe that sellers can take their land to auction with confidence,” Schrader says. “Land buyers think long term, and they know that the opportunity to purchase a given piece of land may not come again.” 

The auction attracted 38 registered bidders, including live and online bidders. Approximately 150 attended the auction, respecting state social distancing guidelines. 

Schrader Real Estate and Auction Co., based in Columbia City, Ind., is a leading auctioneer of farm and ranch land, and equipment, throughout the U.S. The company is a five-time USA Today-National Auctioneers Association Auction of the Year winner.

Individuals seeking additional information may visit schraderauction.com or call 800-451-2709. 

Source: Schrader Real Estate and Auction Co., which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.