METHODOLOGY

The Land Report’s annual survey of US land brokerages is based on the total value of self-reported 2022 domestic land sales through traditional brokerage. Totals exclude commercial, industrial, and residential assets, unless those assets were a component of a more valuable land asset. All figures were provided by respective firms from February 13 through March 31, 2023.

HALDERMAN REAL ESTATE SERVICES

HALDERMAN.COM (800) 424-2324

2022 Sales: $100M–$250M

Who: A land-brokerage firm located in the Eastern Corn Belt with 35 full-time agents offering private sales, auction sales, acquisitions, appraisals, and farm management.

WOW: Our team set records for the number of farms and acres sold. For the first time in our 90-year history, the average selling price of all farms exceeded $10,000 per acre.

What was your take on 2022? Land values increased 10 to 20 percent, depending on the quality of the farmland and its location. The market for good cropland was very strong. However, the market for marginal cropland showed signs of weakness in the fourth quarter.

How is 2023 shaping up? Prices are steady to slightly higher. Sellers remain optimistic that selling at these historic prices is the correct path.

HERTZ FARM MANAGEMENT & REAL ESTATE SERVICES

HERTZ.AG (800) 593-5263

2022 Sales: $500M–$1B

Who: A multistate brokerage, auction, appraisal, and farm-management business focused on Midwestern farmland since 1946.

What was your take on 2022? For the first six months, the market continued to move higher. In the second half of the year, supply and demand came together, and appreciation rates began to flatten.

How is 2023 shaping up? The Midwestern market has entered a sideways trading range. Few sales have set a new high-water mark in the way we repeatedly experienced a year ago.

IOWA LAND COMPANY

IOWALANDCOMPANY.COM (515) 962-5048

2022 Sales: $100M–$250M

Who: A family-owned farm- land real estate brokerage specializing in Iowa farmland.

WOW: Sold the 230-acre Bishop Farm in Warren County for $2.75 million and the nearly 200-acre Trebon & Lockett Farms in Grundy County for $4.2 million.

What was your take on 2022? It was outstanding, with land values hitting record highs in a majority of the state.

How is 2023 shaping up? Prices on Iowa farmland remained stable through the first quarter, and we entered spring with numerous successful farmland auctions and many pending farms in both the tillable and recreational property categories.

LANDGUYS

LANDGUYS.COM (217) 899-1240

2022 Sales: $100M–$250M

Who: Specializing in marketing and selling Midwest hunting land, farmland, waterfront, and rural homes.

WOW: Marketed and sold 800 contiguous acres with an expansive lodge and numerous outbuildings located in Brown County, Illinois.

What was your take on 2022? Strong, though not as frenzied as 2021.

How is 2023 shaping up? A continuation of 2022. Inventory is low for all land types. So even with higher interest rates, the demand and desire are still strong.

LIVING THE DREAM OUTDOOR PROPERTIES

LIVINGTHEDREAMLAND.COM (855) 289-3478

2022 Sales: $250M–$500M

Who: The goal of our agents and staff is to match exceptional properties with extraordinary people.

WOW: According to the NAR, our team averages four times the national average in per-person production.

What was your take on 2022? A perfect-storm situation for farm, ranch, and recreational land in the rural Midwest.

How is 2023 shaping up? We still see huge demand for land in the Midwest.

MARTIN, GOODRICH & WADDELL

MGW.US.COM (815) 756-3606

2022 Sales: $50M–$100M

Who: Specializing in the acquisition, sale, appraisal, and management of agricultural properties throughout the Midwest.

What was your take on 2022? Land values continued gain- ing strength well into 2022 as the supply of farms for sale was readily met by demand.

How is 2023 shaping up? A resilient market with strong demand from cash buyers.

MOSSY OAK PROPERTIES BAUER REAL ESTATE

OHIOLANDFORSALE.COM (614) 949-6764

2022 Sales: $50M–$100M

Who: We specialize in pro- viding real estate marketing services to rural property owners in Ohio.

What was your take on 2022? The rural land market in Ohio has seen an extraordinary boom in demand and price per acre.

How is 2023 shaping up? The Ohio land market is showing continued strength due to the persistent lack of inventory.

MOSSY OAK PROPERTIES INDIANA LAND AND LIFESTYLE

INDIANALANDANDLIFESTYLE.COM (765) 505-4155

2022 Sales: $100M–$250M

Who: A full-service real estate brokerage that can assist with traditional land listings and sales or through an auction.

WOW: Won the Mossy Oak Properties Office of the Year for the third consecutive time.

What was your take on 2022? A record year for us with strong sales of residential, recreational, and ag land.

How is 2023 shaping up? While vacant land and ag inventory are low, there is still a lot of demand, and those sales remain strong.

MOSSY OAK PROPERTIES MOZARK REALTY

MOZARK.COM (573) 712-2252

2022 Sales: $50M–$100M

Who: Our agents are certified land specialists who use marketing and online service outlets to ensure listings receive maximum exposure.

What was your take on 2022? The Ozark Region continued to experience an influx of newcomers. This trend dates back several years and caused the availability of recreational and residential properties to remain scarce, keeping values up and days on market down.

How is 2023 shaping up? Our sellers continue to see success in the marketplace.

PREMIER FARM REALTY GROUP & AUCTION

PREMIERFARMREALTYGROUP.COM (636) 387-8317

2022 Sales: $50M–$100M Who: Serving nine states, we specialize in farms, ranches, timberland, and recreational tracts. We have added auction and residential services.

WOW: Achieved a second consecutive year grossing more than $50 million in sales.

What was your take on 2022? Land sales were consistent throughout the year.

How is 2023 shaping up? We got off to a fast start with a record-setting first quarter totaling more than $22 million in sales.

UNITED COUNTRY HAWKEYE FARM MANAGEMENT & REAL ESTATE

UCIOWA.COM (641) 932-7796

2022 Sales: $50M–$100M

Who: A family-owned brokerage serving Iowa and Missouri since 1989.

WOW: Sold a 1,008-acre combination farm for $4 million and a 607-acre hunting property for $3.15 million.

What was your take on 2022? Demand for land was high, and prices were strong even with a large supply.

How is 2023 shaping up? The market is very active, but somewhat slower.

UNITED COUNTRY MIDWEST LIFESTYLE PROPERTIES

MIDWESTLIFESTYLEPROPERTIES.COM (608) 742-5000

2022 Sales: $100M–$250M

Who: A brokerage specializing in lifestyle properties in the Midwest through auction and conventional listings.

WOW: Our real estate auctions brought our clients a mini-mum of 10 percent over the value of conventional listings.

What was your take on 2022? Another great year much like the previous two. With multiple offers and short days on the market, a lot of qualified buyers were unable to win a deal just due to timing.

How is 2023 shaping up? Land will continue to be a strong commodity to hedge for the next few years, with stock market fluctuations and strong, cash-heavy buyers.

WHITAKER MARKETING GROUP

IOWALANDGUY.COM (515) 996-5263

2022 Sales: $50M–$100M

Who: We specialize in production agriculture as well as auctions.

WOW: Sold 45.5 recreational acres near Ames with a variety of wildlife and a 12-acre lake in less than a week.

What was your take on 2022? Our market shot up sharply as farmers received PPP and MFP payments and commodity prices almost doubled.

How is 2023 shaping up? Despite a slow first quarter, the second quarter shaped up to be much busier.

WILLIAM WILSON AUCTION REALTY

WILSONAUCTIONS.COM (812) 682-4000

2022 Sales: < $50M

Who: A second-generation family business specializing in the sale of high-value assets in Indiana and Illinois. We provided more than $75 million in appraisals in 2022.

WOW: Sold the 192-acre Ellery Farm just west of Albion, Illinois, to nine buyers for $1.59 million. The property included a premier home and equipment building, an 18-acre lake, wooded acreage, and 100 tillable acres.

What was your take on 2022? Significant acceleration in the market for land of all types, especially prime farmland.

How is 2023 shaping up? We predict increased opportunity for land acquisition in the coming months as sellers look to exit.