Three adjacent tracts of Northeast Indiana farmland totaling 121 acres sold for $2.425 million ($19,984 per acre) during a January 30 auction conducted by Schrader Real Estate and Auction Company.
The productive, tillable farm in Jackson Township, in Allen County, runs adjacent to Indiana State Route 101 and Edgerton Road and includes soils that are primarily Hoytville silty clay with pockets of Nappanee silt loam.
Notable Farmland Sale
The farm had previously been owned by the Delana Levy Limited Partnership and the Levy Family Trust. After attracting the attention of 25 bidders from Indiana and Ohio, the farm was purchased by local operators, whom Schrader Real Estate and Auction Company declined to name.
“Several things are noteworthy about this result,” said R.D. Schrader, the auction company’s president. “It’s rare to see prices per acre in the $20,000 range with all the serious competition coming from local operators. We had investors in the room, but they dropped out quickly as bidders focused their attention on the farm as an entirety.”
The farm’s sale price of nearly $20,000 per acre is well above the average cost for top-quality Indiana farmland — which, according to the most recent Purdue Farmland Value and Cash Rents Survey, was $12,808 per acre in 2022.
Despite the soaring prices, Schrader predicts farmland demand to remain strong going forward.
“Interest rates have leveled off a bit, and farmland is an excellent investment for those seeking to avoid the volatility of stock and commodity markets,” he said. “Farmland has also historically been a great hedge against inflation.”
About Shrader Real Estate and Auction Company
Schrader Real Estate and Auction Company, based in Columbia City, Indiana, is a leading auctioneer of agricultural land and equipment throughout the United States. The company is a five-time USA Today/National Auctioneers Association Auction of the Year winner.