America’s Top Auction Houses
The Land Report’s 2023 Top Auction Houses survey is an annual ranking of US auction houses based on the total value of self-reported domestic land sales by auction in 2022. Auctions considered for ranking purposes excluded commercial, industrial, and residential properties. All figures cited were provided by each respective firm. The survey was conducted from February 13 through March 31, 2023.
NATIONAL
Hall and Hall Auctions
2022 Sales: $50M–$100M
Outlook: We had another strong year. There is still a good supply of buyers for farm and ranchland nationwide. Markets remain strong because, given the buyer frenzy of the past couple of years, quality inventory has decreased to the point that there is still a good balance between supply and demand.
Murray Wise Associates
2022 Sales: $100M–$250M
Outlook: While we are still seeing strong demand for farmland, prices seem to have stabilized for now, as the economy is starting to see stress from higher interest rates. But even as interest rates have risen, cap rates on farmland have remained low, and buyers remain willing to tolerate a low current yield on farmland. The next move in farmland prices will likely be driven by farm incomes and commodity prices. We are watching the supply side in the grain markets very closely this year, taking into consideration weather events in major growing regions, as well as the ongoing conflict in Ukraine.
Peoples Company
2022 Sales: $500M–$1B
Outlook: While the land market remains robust with strong commodity prices, rising interest rates are putting a damper on leveraged buyers. There is still plenty of cash in the system, but higher cost of capital and uncertainty around the economy is putting more friction on transactions. We anticipate that sales volume will decline in 2023 but that prices will remain stable.
Ranch & Farm Auctions
2022 Sales: $100M–$250M
Outlook: 2023 appears to be busier than 2022. Interest rates have not slowed buyers of tillable land yet, and the seller leads for auctions appear to be stronger than last year. The record prices that have been generated at auction have encouraged sellers who would typically prefer a traditional listing to consider the auction method when marketing and selling their property.
Schrader Real Estate and Auction Company
2022 Sales: $250M–$500M
Outlook: Even with a rise in interest rates, land -values remained strong to start the year. Moving forward, land values are likely to be tied closely to commodity prices. When incomes are good, operators tend to be more aggressive, and we see operators purchasing more of the higher-dollar land today than the investor. However, investors have helped provide a base in auctions that will likely prevent the market from dipping too far if commodities do come down. There is still a significant amount of 1031 exchange activity in the marketplace helping drive prices as well.
United Country Auction Services
2022 Sales: > $1B
Outlook: We continue to experience a strong -market based on historically low days on market. Listings-to-sales ratios are also holding steady with the strong results experienced from 2019 to 2022. Listings inventory has remained a challenge throughout the industry. As interest rates increase and the real effects of growing inflation impact consumer confidence and investment decisions, we believe the market will normalize in the second half of the year.
MIDWEST
AgWest Land Brokers
2022 Sales: < $50M
Outlook: We are experiencing strong selling prices for quality cropland and pasture as we move through 2023. Good farm profitability in 2022, current commodity prices, and low inventory of land available for sale are supporting higher land values. We continue to see the auction method demand top dollar for desirable cropland, pastureland, and recreational properties.
Halderman Real Estate Services
2022 Sales: $100M–$250M
Outlook: We had several sales to test the market in the first quarter. Sellers remain optimistic that selling at these historic prices is the correct path. Land prices will be steady to slightly higher throughout 2023. The supply of land on the market is near the historical average, and demand remains strong from farmer buyers and investors.
Hertz Farm Management & Real Estate Services
2022 Sales: $250M–$500M
Outlook: We continue to be impressed by the overall balance and strength of the Midwestern farmland market. However, it has become clear that it has entered a sideways trading range. Few sales have set a new high-water mark in the way we repeatedly experienced a year ago. Land values in early 2023 were certainly buoyed by the strong profits of 2022. But there are also offsetting headwind pressures, including higher input costs for the coming planting season, tighter profit margin forecasts for 2023, and an interest rate environment that continues to tick higher.
GREAT PLAINS
Agri Affiliates
2022 Sales: < $50M
Outlook: The volume of real estate listings is reduced, but the number of auctions has been encouraging.
Land Pro
2022 Sales: < $50M
Outlook: The market remains strong with continued buyer interest. The auction sale market normally slows during the spring and summer, with renewed activity in the early fall and winter. We have already booked auctions for early fall and have made several proposals for additional auction opportunities that will be scheduled later this year.
Lippard Real Estate & Auction
2022 Sales: $50M–$100M
Outlook: Land prices are staying strong. There are still a lot of cash buyers in the market, local and abroad, with good attitudes from both buyers and sellers.
Marshall Land Brokers & Auctioneers
2022 Sales: < $50M
Outlook: The Nebraska land market remains strong, with top prices realized at auctions and via traditional brokerage.
Martin, Goodrich & Waddell
2022 Sales: < $50M
Outlook: We see continued strength in the land market, as buyers hedge against the uncertainty of bank insolvency, inflation, and geopolitical concerns.
Pifer’s Auction & Realty & Land Management
2022 Sales: $250M–$500M
Outlook: There is considerable farmland on the market. Early 2023 farmland auctions continue to be strong, although the number of potential buyers bidding at auction is less than in 2022. This is likely due to the meteoric rise in interest rates. We estimate that 25 to 35 percent of interested buyers are staying on the sidelines during this interest rate environment.
GREAT LAKES
Sheridan Realty & Auction Company
2022 Sales: $100M–$250M
Outlook: Looks like it will be about the same as 2022. We still see very strong interest in tillable farmland and forest recreation land in Michigan. The higher interest rates will impact the value of tillable farmland, timberland, and recreation land to some extent, but through the first quarter, it did not dramatically affect the sales price of these lands.
SOUTHWEST
Clift Land Auctions
2022 Sales: < $50M
Outlook: The market is consistent. Interest rates are causing buyers to be more cautious. The volume of sales remains strong.
PACIFIC
Realty Marketing/ Northwest
2022 Sales: < $50M
Outlook: The market continues to be strong for industrial-grade timberland, and there is growing interest in the combination of timber and carbon. Pacific/Northwest timberland values have increased due to both stable domestic and export log markets, with limited inventory for sale. More than 80 percent of properties sold at or above sellers’ reserve or appraised values.
