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North Dakota Land Prices Up 14% In 2011

North Dakota Land Prices Up 14% In 2011

Farm managers and appraisers report some much bigger increases in some counties.

Average cropland values in North Dakota increased 14% in 2011, according 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% percent increase, with sale prices ranging from $700-$1,650 per acre in 2011 compared to $500-$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-$2,575 in 2010, for a 55% increase. Cass County land sale prices ranged from $1,200 to $5,720 per acre ion 2011, compared to $800 to $3,500 per acre in 2010 for a 61% hike.

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 are a Certified General Appraiser. Thirty four members contributed to 2011 report.

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