What are historical agricultural land values in Minnesota? How have prices changed over time?
Minnesota farmland sales by county 2020-2021
| County | Number of Sales 2021 | Average 2021 Per-Acre Price | Minimum 2021 Per-Acre Price | Maximum 2021 Per-Acre Price | Average 2020 Per-Acre Price |
|---|---|---|---|---|---|
| Aitkin | 7 | 1766 | 1096 | 3073 | 2,030 |
| Anoka | 8 | 10224 | 5210 | 16577 | 7,128 |
| Becker | 23 | 2990 | 1135 | 9594 | 3,000 |
| Beltrami | 12 | 1628 | 961 | 3884 | 2,263 |
| Benton | 35 | 3884 | 1485 | 8870 | 3,826 |
| Big Stone | 12 | 4530 | 938 | 5555 | 4,556 |
| Blue Earth | 42 | 7163 | 2541 | 9699 | 6,928 |
| Brown | 12 | 6682 | 1603 | 8817 | 6,032 |
| Carlton | 10 | 3607 | 650 | 10090 | 2,974 |
| Carver | 11 | 9262 | 4500 | 15517 | 7,659 |
| Cass | 10 | 2652 | 1035 | 5655 | 2,123 |
| Chippewa | 22 | 6556 | 3483 | 8644 | 6,488 |
| Chisago | 12 | 5613 | 2537 | 9070 | 6,154 |
| Clay | 22 | 4849 | 500 | 11280 | 3,337 |
| Clearwater | 19 | 2658 | 712 | 11569 | 1,908 |
| Cook | No Sales | No Sales | No Sales | No Sales | No Sales |
| Cottonwood | 15 | 7068 | 1759 | 12852 | 6,282 |
| Crow Wing | 9 | 4208 | 936 | 10679 | 3,018 |
| Dakota | 12 | 8050 | 1636 | 13925 | 8,489 |
| Dodge | 19 | 8274 | 4219 | 14974 | 7,267 |
| Douglas | 24 | 3989 | 1204 | 17398 | 4,261 |
| Faribault | 37 | 7219 | 1088 | 12828 | 6,979 |
| Fillmore | 33 | 6016 | 2096 | 14088 | 5,131 |
| Freeborn | 54 | 6542 | 1160 | 10160 | 5,009 |
| Goodhue | 26 | 6185 | 3351 | 9937 | 6,319 |
| Grant | 9 | 4030 | 2156 | 6421 | 4,359 |
| Hennepin | 3 | 13995 | 9635 | 17253 | 11,556 |
| Houston | 11 | 5176 | 3932 | 9126 | 4,886 |
| Hubbard | 4 | 5491 | 866 | 9675 | 2,770 |
| Isanti | 17 | 5378 | 2777 | 13343 | 3,658 |
| Itasca | 9 | 2389 | 824 | 6062 | 2,919 |
| Jackson | 22 | 6976 | 3178 | 10444 | 6,094 |
| Kanabec | 12 | 3565 | 1686 | 9266 | 3,375 |
| Kandiyohi | 30 | 6247 | 2492 | 8411 | 6,337 |
| Kittson | 26 | 1619 | 709 | 3409 | 1,290 |
| Koochiching | 11 | 5676 | 1437 | 14162 | 1,848 |
| Lac Qui Parle | 11 | 1701 | 721 | 3939 | 4,704 |
| Lake of the Woods | 21 | 6670 | 2864 | 14267 | 1,029 |
| Le Sueur | 29 | 5458 | 825 | 10148 | 6,561 |
| Lincoln | 18 | 6352 | 1440 | 8620 | 4,052 |
| Lyon | 8 | 3339 | 2299 | 5062 | 5,998 |
| Mahnomen | 71 | 2286 | 477 | 4054 | 2,529 |
| Marshall | 15 | 7068 | 1759 | 12852 | 1,774 |
| Martin | 26 | 7720 | 3476 | 10949 | 7,462 |
| McLeod | 26 | 6058 | 3696 | 8107 | 5,074 |
| Meeker | 16 | 4681 | 2974 | 7582 | 4,519 |
| Mille Lacs | 22 | 4162 | 1595 | 8769 | 3,792 |
| Morrison | 16 | 2930 | 471 | 8251 | 3,526 |
| Mower | 34 | 6987 | 1268 | 10209 | 6,750 |
| Murray | 32 | 6590 | 2905 | 9116 | 4,768 |
| Nicollet | 14 | 8169 | 2664 | 11548 | 7,594 |
| Nobles | 30 | 7708 | 3205 | 11436 | 6,763 |
| Norman | 28 | 3302 | 1446 | 7375 | 3,314 |
| Olmsted | 39 | 6919 | 3654 | 16928 | 7,203 |
| Otter Tail | 52 | 3236 | 1370 | 8098 | 2,879 |
| Pennington | 16 | 2126 | 1236 | 4122 | 1,908 |
| Pine | 20 | 3178 | 1425 | 8320 | 3,208 |
| Pipestone | 9 | 7470 | 1503 | 9989 | 6,591 |
| Polk | 51 | 3915 | 660 | 9385 | 3,258 |
| Pope | 18 | 3588 | 1924 | 4891 | 2,969 |
| Red Lake | 6 | 2191 | 1450 | 2870 | 2,029 |
| Redwood | 26 | 6919 | 4241 | 10613 | 6,331 |
| Renville | 41 | 6392 | 930 | 9298 | 6,268 |
| Rice | 30 | 7051 | 3092 | 16416 | 6,845 |
| Rock | 19 | 7461 | 3043 | 11567 | 7,793 |
| Roseau | 33 | 1532 | 688 | 9052 | 1,273 |
| Scott | 13 | 9788 | 4673 | 17264 | 8,609 |
| Sherburne | 8 | 4547 | 2220 | 9750 | 3,765 |
| Sibley | 33 | 6866 | 1485 | 13820 | 6,674 |
| St. Louis | 3 | 2762 | 927 | 6391 | 9,250 |
| Stearns | 40 | 5473 | 2120 | 14653 | 5,222 |
| Steele | 23 | 5657 | 1317 | 7943 | 5,513 |
| Stevens | 8 | 4384 | 844 | 6250 | 4,195 |
| Swift | 30 | 5728 | 1036 | 8733 | 4,287 |
| Todd | 45 | 2717 | 1291 | 6374 | 2,952 |
| Traverse | 14 | 5121 | 899 | 6498 | 4,841 |
| Wabasha | 14 | 6462 | 3508 | 15750 | 5,245 |
| Wadena | 14 | 2721 | 913 | 9438 | 1,802 |
| Waseca | 16 | 5945 | 900 | 8313 | 6,432 |
| Washington | 7 | 12064 | 9068 | 16400 | 12,044 |
| Watonwan | 18 | 6546 | 861 | 8450 | 5,818 |
| Wilkin | 12 | 3860 | 1881 | 5407 | 4,114 |
| Winona | 14 | 6265 | 4148 | 9071 | 5,432 |
| Wright | 37 | 7341 | 3112 | 16244 | 6,518 |
| Yellow Medicine | 18 | 5993 | 2132 | 8625 | 5,310 |
| Minnesota | 1769 | 5,320 | 471 | 17,398 | 5,094 |
Southwest Minnesota farmland prices
Data updated for 2021 sales in Feb. 2022.
|
Southwest Minnesota bare farmland sale prices
| County | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chippewa | $3,892 | $6,024 | $7,288 | $7,011 | $7,286 | $5,699 | $6,578 | $6,460 | $6,336 | $6,231 | $6,812 |
| Cottonwood | $5,424 | $7,807 | $9,300 | $8,790 | $6,400 | $6,450 | $7,266 | $7,322 | $8,064 | $5,811 | $4,839 |
| Jackson | $6,453 | $5,981 | $7,665 | $7,984 | $7,311 | $6,825 | $7,399 | $6,671 | $6,361 | $7,334 | $6,750 |
| Lac qui Parle | $4,052 | $4,174 | $5,797 | $4,251 | $4,765 | $4,191 | $5,111 | $5,105 | $5,049 | $4,684 | $4,719 |
| Lincoln | $3,464 | $4,253 | $7,501 | $6,661 | $6,432 | $4,482 | $4,415 | $5,312 | $5,806 | $3,853 | $6,350 |
| Lyon | $5,057 | $6,284 | $8,687 | $7,918 | $6,078 | $6,538 | $6,057 | $5,358 | $5,607 | $5,509 | $6,902 |
| Martin | $4,509 | $8,359 | $9,401 | $9,341 | $7,513 | $7,744 | $6,370 | $6,120 | $6,915 | $8,894 | $7,479 |
| Murray | $3,859 | $5,678 | $8,452 | $6,722 | $6,207 | $6,890 | $6,135 | $6,406 | $5,446 | $6,055 | $6,622 |
| Nobles | $4,850 | $6,109 | $8,602 | $7,347 | $8,200 | $8,828 | $7,132 | $8,548 | $8,152 | $6,664 | $7,680 |
| Pipestone | $4,433 | $5,615 | $9,400 | $7,433 | $6,315 | $7,651 | $5,478 | $6,211 | $6,914 | $7,119 | $9,008 |
| Redwood | $5,445 | $7,479 | $8,263 | $9,023 | $7,283 | $6,459 | $6,852 | $7,114 | $6,600 | $6,858 | $7,082 |
| Rock | No Sales | $7,839 | $11,074 | $9,353 | $11,148 | $10,753 | $7,545 | $8,656 | $8,851 | $8,698 | $7,854 |
| Watonwan | $4,983 | $6,349 | $8,964 | $7,549 | $6,681 | $6,749 | $6,588 | $7,373 | $6,006 | $5,948 | $6,671 |
| Yellow Med. | $4,515 | $5,481 | $8,125 | $7,154 | $5,387 | $5,325 | $5,830 | $5,584 | $5,959 | $5,533 | $6,158 |
| Average | $4,687 | $6,245 | $8,466 | $7,556 | $6,929 | $6,751 | $6,340 | $6,589 | $6,576 | $6,371 | $6,780 |
The amounts listed are the prices paid per acre for total farmland (not tillable acres) in each listed county. The data is from farm sales recorded from January 1 through June 30 of the respective years. The data includes only bare land sales. No land and building combination sales are included.
The information is from actual arm’s length sales reported to county authorities and collected by personnel of the University of Minnesota Extension. Sales data was not weighted for acres, each sale on a per-acre basis was averaged to get the average price paid per acre.
2021 highest, lowest and average recorded price paid per acre and crop equivalency rate (CER) and price per CER
| County (no. of sales) | High | Average | Low | Average CER | Price paid/CER/acre |
|---|---|---|---|---|---|
| Chippewa (11) | $8,430 | $6,812 | $5,900 | 65 | $96.40 |
| Cottonwood (4) | $7,251 | $4,839 | $1,125 | 70 | $83.61 |
| Jackson (15) | $9,219 | $6,750 | $4,500 | 78 | $93.87 |
| Lac qui Parle (10) | $6,631 | $4,719 | $2,997 | 54 | $86.58 |
| Lincoln (16) | $8,269 | $6,350 | $3,817 | 57 | $67.30 |
| Lyon (12) | $8,650 | $6,902 | $5,825 | 66 | $91.20 |
| Martin (18) | $9,500 | $7,479 | $3,500 | NA | NA |
| Murray (19) | $9,293 | $6,622 | $3,000 | 66 | $91.09 |
| Nobles (20) | $11,350 | $7,680 | $3,300 | 75 | $89.45 |
| Pipestone (5) | $10,067 | $9,008 | $7,748 | 71 | $100.27 |
| Redwood (9) | $8,600 | $7,082 | $5,054 | 70 | $97.66 |
| Rock (11) | $11,050 | $7,854 | $5,200 | 78 | $111.25 |
| Watonwan (10) | $8,450 | $6,671 | $3,781 | 76 | $78.78 |
| Yellow Medicine (13) | $8,906 | $6,158 | $3,811 | 63 | $87.93 |
Comparison of actual farmland sale prices with assessor's estimated market value. Farmland sales from Jan. 1 – June 30, 2021.
| County | Avg. actual sale price | Assessors est. market value | Assessors EMV as % of actual* | Average CER** |
|---|---|---|---|---|
| Chippewa | $939,624 | $806,273 | 87.26% | 65 |
| Cottonwood | $299,750 | $273,150 | 97.93% | 70 |
| Jackson | $400,616 | $358,067 | 91.94% | 78 |
| Lac qui Parle | $545,286 | $582,800 | 102.82% | 54 |
| Lincoln | $956,528 | $647,431 | 69.65% | 57 |
| Lyon | $1,044,348 | $822,850 | 86.80% | 66 |
| Martin | $764,252 | $746,083 | 101.67% | NA |
| Murray | $613,221 | $575,637 | 95.04% | 66 |
| Nobles | $757,951 | $717,257 | 96.57% | 75 |
| Pipestone | $1,033,406 | $776,680 | 74.21% | 71 |
| Redwood | $672,433 | $657,156 | 95.75% | 70 |
| Rock | $782,060 | $659,945 | 84.13% | 78 |
| Watonwan | $731,156 | $702,536 | 102.45% | 76 |
| Yellow Medicine | $699,824 | $647,908 | 92.16% | 63 |
| Average | $731,461 | $587,692 | 80.34% | 68 |
* Estimated Market Value
**Crop Equivalency Rating
Percentage of farmland price change from previous year
| County | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Chippewa | 54.80% | 21.00% | -3.80% | 3.90% | -21.80% | 15.40% | -1.80% | -1.90% | -1.70% | 9.30% |
| Cottonwood | 43.90% | 19.10% | -5.50% | -27.20% | 0.80% | 12.70% | 0.80% | 10.10% | -27.90% | -16.70% |
| Jackson | -7.30% | 28.20% | 4.20% | -8.40% | -6.60% | 8.40% | -9.80% | -4.60% | 15.30% | -8.00% |
| Lac qui Parle | 3.00% | 38.90% | -26.70% | 12.10% | -12.00% | 22.00% | -0.10% | -1.10% | -7.20% | 0.70% |
| Lincoln | 22.80% | 76.40% | -11.20% | -3.40% | -30.30% | -1.50% | 20.30% | 9.30% | -33.60% | 64.80% |
| Lyon | 24.30% | 38.20% | -8.90% | -23.20% | 7.60% | -7.40% | -11.50% | 4.60% | -1.70% | 25.30% |
| Martin | 85.40% | 12.50% | -0.60% | -19.60% | 3.10% | -17.70% | -3.90% | 13.00% | 28.60% | -15.90% |
| Murray | 47.10% | 48.90% | -20.50% | -7.70% | 11.00% | -11.00% | 4.40% | -15.00% | 11.20% | 9.40% |
| Nobles | 26.00% | 40.80% | -14.60% | 11.60% | 6.80% | -18.50% | 19.90% | -4.60% | -18.30% | 15.20% |
| Pipestone | 26.70% | 67.40% | -20.90% | -15.00% | 21.20% | -28.40% | 13.40% | 11.30% | 3.00% | 26.50% |
| Redwood | 37.40% | 10.50% | 9.20% | -19.30% | -11.30% | 6.10% | 3.80% | -7.20% | 3.90% | 3.30% |
| Rock | NA | 41.30% | -15.50% | 19.20% | -3.50% | -29.80% | 14.70% | 2.30% | -1.70% | -9.70% |
| Watonwan | 27.40% | 41.20% | -15.80% | -11.50% | 1.00% | -2.40% | 11.90% | -18.50% | -1.00% | 12.20% |
| Yellow Medicine | 21.40% | 48.20% | -12.00% | -24.70% | -1.20% | 9.50% | -4.20% | 6.70% | -7.10% | 11.30% |
| Average | 33.20% | 35.60% | -10.10% | -8.90% | -2.60% | -6.10% | 3.90% | -0.20% | -3.10% | 6.40% |
Price changes and percentage changes can be misleading since the quality of land that is sold in one year may not compare equally with the quality of land sold in a previous year.
Reviewed in 2022