Turning to the agricultural economy, land values remain a critical indicator of market strength. According to Chris Gavin, CEO of 1870’s Holding Company, farmland sales have softened by at least 10 to 15 percent.
“We’re still seeing that occasional sale where, if there are two neighbors that want it, then we’ll see a sale is kind of high. But certainly, we’re off the highs of you know, we saw some $22,000 an acre. We saw some 1031 exchange money coming through last fall. We’re not seeing much of that here lately. So that’s, that’s always a big thing that influences the land markets.”
Currently, Gavin says top land prices are trading closer to $15,000 an acre range.