Our Fall 2024 newsletter described the softening land market across our trade territory. This continues to be the case, but we have noted a generally steadier market across the board so far in 2025.
With the wrap of another year, we examined our land sales database to see how it compares to previous years. Here is what we found in our 2024 to 2023 comparison:
- Total number of “cropland-only” sales: 258 in ’24 versus 277 in ‘23
- Total acres of “cropland-only” sales: 23,775 in ’24 versus 27,775 in ‘23
- Total dollars per transaction: $1,272,628 in ’24 versus $1,412,994 in ‘23
- Average acres per transaction: 92.15 in ’24 versus 100.27 in ‘23
- Average $/acre on the “cropland-only” sales: $14,155 in ’24 versus $14,280 in ‘23
- Average $/CSR-2 (tillable) on the “cropland-only” sales: $179.58 in ’24 versus $183.40 in ‘23
Looking at the change in $/Acre & $/CSR-2 from 2023 to 2024 shows a decrease of 1-2% which is in line with recent land value surveys. Also, the volume of acres offered for sale at auction in 2024 decreased by 14.5% compared to 2023.
Next, we took a look at what has happened since the 1st of the year. In the first 2 ½ months of 2025, we’ve tracked 37 sales of “all-cropland” farms in our region. Twenty-eight of those sales were over $10,000 per acre with the high at $22,600 per acre in Plymouth County.
The average sale price per acre of these 37 sales is $13,683 per acre. Overall, sales in the 1st quarter of 2025 have shown a steady land market, but if you are looking to sell your farm it is best to speak to a land professional to determine the quality of your farm and how it compares to the other farms that have sold in the area.
Land Value Survey
Year-end brings out the land value surveys. Above are the annual Iowa State University survey of real estate professionals, the quarterly survey of bankers opinions by the Federal Reserve Bank of Chicago, and the benchmark farms survey by Farm Credit of America.
South Dakota Land Trends
Good farmland across southeastern South Dakota has performed well in crop production and value appreciation. The 2024 Land Value Survey from South Dakota State University showed non-irrigated highly productive cropland in southeastern South Dakota (19 counties) to average about $11,165 per acre.
The average of all grades of non-irrigated cropland was $9,135. Stalcup Ag Service tracks sales results across 12 of those 19 counties.
The average of our research showed a nearly identical outcome of just over $11,200 per acre on highly productive cropland over the past several years. One differentiation is that our data shows a reasonably flat market while the survey is still reporting an uptrend to arrive at a similar result.
The survey may have needed some time to catch up to the market. It seems to be human nature to respond a little behind the market when the market is either rising or falling faster than normal.
Survey respondents tend to be cautious, preferring further market confirmation. Over time, this all works out, but this goes to show that survey data is not a substitute for actual market research.
We found some interesting comparisons with the land market across the Big Sioux River from Iowa. Demand for good land is strong everywhere, but supply for sale in South Dakota is lower than that in Iowa. In the counties we’ve tracked, we found more than double the sale activity in Iowa than South Dakota.
The dollar size of transactions was not far apart at $1.25 million on good land in South Dakota vs $1.45 million in Iowa. The average size of farms sold was about 10% more acres in South Dakota than Iowa. This is for “good” land in southeastern South Dakota.
Further west one can find some jumbo-sized transactions with large tracts at much lower values per acre. As one travels to the Missouri River, recreational activities impact the value of land.
Open pasture or rangeland will normally sell at some multiple of its carrying capacity for grazing; however, timbered or forested land with much less carrying capacity may sell for much higher value per acre due to its attractiveness for hunting and fishing.
The table below shows one or two sales of “good” farmland for each county in the region (Stalcup-brokered sales are in green font).
Selected Sales of Good Farmland—Iowa
|
Date
|
Acres
|
% Tillable
|
County
|
$/Acre
|
CSR2
|
|---|---|---|---|---|---|
|
March
|
176.6
|
89%
|
Harrison
|
$9,550
|
69.6
|
|
February
|
160.0
|
98%
|
Monona
|
$8,950
|
59.4
|
|
February
|
77.8
|
95%
|
Wright
|
$12,200
|
81.3
|
|
February
|
61.4
|
104%
|
Hardin
|
$16,000
|
86.8
|
|
February
|
160.0
|
94%
|
Greene
|
$16,000
|
85.9
|
|
February
|
160.0
|
98%
|
Calhoun
|
$13,300
|
87.3
|
|
February
|
39.7
|
95%
|
Plymouth
|
$22,600
|
79.3
|
|
January
|
48.1
|
100%
|
O’Brien
|
$18,500
|
91.8
|
|
January
|
78.8
|
98%
|
Clay
|
$16,800
|
95.5
|
|
January
|
81.3
|
100%
|
Woodbury
|
$14,000
|
77.6
|
|
January
|
39.6
|
100%
|
Plymouth
|
$420,600
|
90.0
|
|
December
|
63.7
|
98%
|
Lyon
|
$23,900
|
67.7
|
|
December
|
80.2
|
96%
|
Buena Vista
|
$13,400
|
88.3
|
|
December
|
268.0
|
99%
|
Crawford
|
$9,200
|
61.9
|
|
December
|
146
|
87%
|
Woodbury
|
$8,900
|
54.5
|
|
December
|
41.3
|
97%
|
Kossuth
|
$15,600
|
84.22
|
|
December
|
157.8
|
100%
|
Sac
|
$14,100
|
88.6
|
|
December
|
77.0
|
100%
|
Sioux
|
$15,550
|
84.5
|
|
December
|
244.5
|
90%
|
Hardin
|
$10,000
|
81.9
|
|
December
|
87.8
|
94%
|
Carroll
|
$17,900
|
87.8
|
|
November
|
80.0
|
95%
|
Kossuth
|
$18,000
|
88.1
|
|
November
|
90.1
|
89%
|
Plymouth
|
$14,000
|
75.6
|
|
November
|
87.5
|
96%
|
Hancock
|
$16,000
|
86.3
|
|
November
|
160.0
|
97%
|
Ida
|
$16,750
|
83.1
|
|
November
|
154.0
|
98%
|
Buena Vista
|
$14,000
|
85.7
|
|
November
|
40.0
|
98%
|
Calhoun
|
$17,500
|
87.5
|
|
November
|
79.5
|
92%
|
O’Brien
|
$16,200
|
95.6
|
|
November
|
60.2
|
97%
|
Clay
|
$15,250
|
94.8
|
|
November
|
81.1
|
97%
|
Dickinson
|
$12,900
|
85.4
|
|
November
|
51.3
|
98%
|
Lyon
|
$24,250
|
73.3
|
|
November
|
80.0
|
92%
|
Plymouth
|
$10,000
|
54.3
|
|
November
|
80.0
|
94%
|
Osceola
|
$17,800
|
90.5
|
|
November
|
80.0
|
98%
|
Palo Alto
|
$11,000
|
84.1
|
|
November
|
75.0
|
98%
|
Humboldt
|
$14,300
|
86.0
|
|
November
|
40.0
|
98%
|
Sioux
|
$23,400
|
97.5
|
|
November
|
155.0
|
98%
|
Wright
|
$12,900
|
83.7
|
Selected Sales of Good Farmland—South Dakota
|
Date
|
Acres
|
% Tillable
|
County
|
$/Acre
|
PI
|
|---|---|---|---|---|---|
|
December
|
72.77
|
94%
|
Minnehaha
|
$17,500
|
75.5
|
|
December
|
80.47
|
98%
|
Lincoln
|
$14,900
|
83.3
|
|
November
|
80.00
|
100%
|
Turner
|
$10,200
|
84.2
|
|
November
|
101.25
|
98%
|
Turner
|
$12,500
|
82.4
|
|
November
|
74.00
|
95%
|
Union
|
$11,800
|
70.1
|
|
November
|
70.14
|
101%
|
Union
|
$17,200
|
96.3
|
|
October
|
80.00
|
90%
|
Lincoln
|
$15,200
|
87.3
|
|
October
|
150.01
|
98%
|
Brookings
|
$14,800
|
65.7
|
If you have specific questions about values, please contact one of our real estate professionals.
You can also contact us with other questions about auctions, farm management, or if you’re interested in selling your farmland or need an appraisal.
Read more from Today’s Land Owner Spring 2025:
