I have written quite a bit about the wealth transition of which we are in the middle. Land is a big part of that equation, as much of the wealth in agriculture is held in farm real estate.
A USDA report released in March estimated that about 5% of the almost 900 million acres of U.S. farmland, or approximately 43 million acres, could be transferred through sales or gifts over the next five years, excluding transfers through wills and trusts.
That’s a substantial amount of land, and it presents opportunities for both buyers and sellers.
Many families are in the midst of making transition decisions, and those decisions are taking place in an interesting land market. Some have made the difficult decision to take their family farm to market and have partnered with us in that endeavor.
Here are a few of the auction results we've seen this fall:
Black Hawk County, Iowa. The sale of 147.07 surveyed acres of farmland in La Porte City, Iowa, south of Waterloo, closed Sept. 1. The land sold for $15,250 per acre.
McCook County, S.D. The sale of ± 80 acres of farmland in Bridgewater, S.D., between Sioux Falls and Mitchell, closed Sept. 9. The land sold for $12,600 per deeded acre.
Cass County, N.D. The sale of ± 557 acres of farmland in Buffalo, N.D., approximately 40 miles west of Fargo, closed Sept. 23. The land sold for $9,200 per deeded acre.
LaMoure County, N.D. The sale of ± 234 acres of farmland in Grand Rapids, N.D., in the southeastern part of the state, closed Sept. 24. The land sold for $8,800 per acre.
Spink County, S.D. The sale of ± 1,520 acres of farmland and pasture in Tulare, S.D., closed on Sept. 24. The land sold for $5,000 per acre.
Morton County, N.D. The sale of ± 951 acres of pastureland in Solen, N.D., south of Mandan, closed on Oct. 13. The land sold for $2,200 per acre.
Based on these auctions and dozens of others we've conducted this fall, depressed commodity prices over the past couple of years and higher interest rates have done relatively little to slow the farmland market. Farmland values remain stable to strong, largely because demand continues to hold up.
Looking at the results
However, we have seen the occasional auction result in some of the sugarbeet-producing areas of North Dakota and Minnesota come in below what we might have seen a few years ago, when the outlook for the sugarbeet industry was more favorable.
I think some of that can be attributed to changes in the industry, which has historically helped support land values in those areas. However, overall, there is still considerable strength in the market, with good interest from local operators and outside capital alike.
Pastureland also has been an interesting part of the market this year. While much of the discussion surrounding farmland values centers on commodity prices and farm profitability, pastureland is influenced by a different set of fundamentals. Strong cattle prices and continued demand for grazing acres have helped support pasture values across the region.
According to North Dakota State University Extension, North Dakota's average pastureland value increased approximately 7% in 2026, reaching $1,556 per acre. We've sold pastureland in some areas of the Dakotas for as much or even more than what tillable land brings in that same area. That's historically unusual and speaks to the strength of the cattle market.
Another factor worth watching is the continued development of data centers across rural America, along with growing cities expanding into productive tillable ground. As the old saying goes, they truly aren't making any more of it.
There will likely be more farmland changing hands over the next decade than we've seen in the past. That doesn't mean all of it will hit the open market, but the opportunities will be there. For those considering a sale, and for those looking to buy, having the right people in your corner matters.
We appreciate the opportunity to be part of these stories and look forward to seeing what the next generation brings.