Historically high prices are drawing multigenerational farmland into the market.
Compeer Financial VP of appraisal Mike Morris says buyers are paying a premium for “once in a lifetime” ground.
“If it’s been tied up with one family for 50, 70, even 100 years, it’s unlikely maybe the neighbors will have an opportunity to purchase again really. Because those types of farms tend to not get traded a lot.”
He tells Brownfield farm sales of $20,000 an acre have become commonplace for high quality land.
