Heat check…land prices

[Howboutthemdawgs]

What are y’all seeing locally? I sold a farm and bought a farm in the last year. The one I sold took about 6 months to sell. Granted I had it listed by owner and for a premium initially. Ended up selling for basically what I had in it when it was all said and done after switching to an agent and paying commission. I only held that land for a year or less and I guess technically still made about 7%. So not horrible. The land I bought I paid a big premium compared to what I’ve seen. But, I had to go over asking to get it from someone else so apparently someone else valued it high too. I saw @Bszweda post one he was after just went for asking as is.
The housing market is definitely softening in my area. Houses are sitting and prices are being cut. I was thinking land would somewhat follow but I’ll be damned if they seem to be. I guess land, decent hunting/ag land, is not common enough to be subject to downswings like housing. For people waiting for a correction, I feel like you may be missing the boat. Ever since I bought ground 7 years ago in my area for $1750/acre it has over doubled with no dip that I’ve seen.

 

[BenA]

I haven't seen a dip. Prices keep going up. I see some properties that are overpriced and sitting, but finding a deal is not easy. I am thankful had bought in 2019. I hit it just right.

 

[Mortenson]

Deer hunting land in IL still goes for 5-10. Higher end if it has income producing acres. Hasn't softened IMO. I think it would take a sustained stock market correction to influence rec values very much. Or if RFK gets to wield much power, you might see an exodus out the door.

 

[rocksnstumps]

I think it would take a prolonged downturn in the economy, like years before land prices would come down. During the 2008 great recession, what happened here was more vacant land with acreage did actually come up for sale compared to usual and was priced with little change from the previous couple years instead of the usual percentage adder. So land prices flattened but did not go down.

And sold to the deep pocket guys that have a big cushion in their stock portfolio and play the long term game in that anyway. Now ten years of hard times, that might get some prices to move down.

 

[bwoods11]

I’ve had a realtor or two text me listings in Missouri and the prices are down a bit .

In my area of Minnesota, the lake shore market is slowing down—however, the rec land market is not dropping as of yet. Farm land varies by quality . Theres a few marginal farms that are sitting on the market .

 

[Mortenson]

I look at Sullivan's a lot. IMO the best farmland and the best hunting farms rarely get listed. They're usually sold privately or by auction. Here's a 70 that auctioned for 8800/ac last month. I know nothing about the area, but I bet it's pretty good. This field would offer decent income, while also providing that blank canvas that's often desirable. Plus it's ready to hunt with the fingers and coves. Wish it adjoined our farm!

https://sullivanauctioneers.com/auction/mitzae-foster-tucker-12-20-2024

 

[wooduck]

Bought my first deer land east central minn east of Sandstone 1984 paid $15,000 for 200 acres about half heavy wooded about half low but walkable ,, Deer hunting there has changed lots since lot more wolves , bears , ect ,, i now do most of my hunting southwest from there on another 100 much higher populations less predators,, values seem to creep up over time ,, never would have thought these tracts would be worth what they are now

 

[SwampCat]

Land values here have increased over the past years like everywhere - but prices have now stagnated and I see land for sale for months, not days. I know a guy has farm/duck land over in eastern AR. He owns 700 acres farm land and flooded timber. He said ten years ago, they were killing 1600/1800 mallards a year off his land. This year, less than 200. He has a neighbor with about 700 acres also of similar land. Now killing 150 mallards a year instead of 1500. That land just sold to a group for duck hunting - $18,500 per acre. Nuts

 

[Howboutthemdawgs]

Land values here have increased over the past years like everywhere - but prices have now stagnated and I see land for sale for months, not days. I know a guy has farm/duck land over in eastern AR. He owns 700 acres farm land and flooded timber. He said ten years ago, they were killing 1600/1800 mallards a year off his land. This year, less than 200. He has a neighbor with about 700 acres also of similar land. Now killing 150 mallards a year instead of 1500. That land just sold to a group for duck hunting - $18,500 per acre. Nuts

I’ve seen a lot of duck places for sale in Arkansas lately. Good looking places too. I wonder if I’m just paying attention more or if people are getting out due to numbers

 

[SwampCat]

I’ve seen a lot of duck places for sale in Arkansas lately. Good looking places too. I wonder if I’m just paying attention more or if people are getting out due to numbers

I think they are getting out due to numbers. A lot of “duck” land in eastern AR is producing more specks than ducks - and their limit is two. If the specks would not have moved from the Katy Prairie in TX to AR about ten years ago, there would be a lot more folks getting out. I was finally able to get in a lease last year in SW AR - most of them are family and the family has to die to get in one. This lease we got into was given up, partially due to falling duck harvest

 

[PatinPA]

It's a mixed bag here in PA. Anything central to south central PA is ridiculous because it's all being turned into developments. Anything over 50 acres starts 7 figures.

If you go more remote I'm seeing 5-10K an acre. Best I saw was 100 acres for 400K but it was completely clearcut. Probably end up great hunting but would probably have so much wrapped up controlling invasives, that you'd never profit any timber value.

 

[gjs4]

Upstate NY doesn't have a ton of offerings, nor has, near urban areas or more desirable features/amenities. A huge factor here is our taxes are some of the highest n the US so owning the chit costs a fortune.

OH has been very different. At the start of 25 there were a few new offerings. Its all selling and if priced in the realm of fair 3-4500 an ac for rec ground- it wont make a week. 3 years ago, let alone preRona, this stuff was 1500-3k. The turn key deer pieces (meaning it has at least one box and a pretty plot) or mixed ag areas I have seen tickle 6500 lately.

One thing for this thread is the size too. 0-20 sell fast. 20-40 slightly slower but are relative to their pricing. 40-80 slower yet. 80+ sell fast and 120+ are rocket fast.

 

[Bill]

IMO it might stagnate could even be for years but something big would have to happen big for large drops. Pockets could be different. i.e. duck land when duck numbers are way down.

Been following a thread on boat prices for a few years on another forum. years ago guys waited to buy a boat because the market was sure to fall. Hasn't happened and those waiting lost 3 years of enjoying a boat...that's worth something.

 

[gjs4]

100% with ya Bill. I'm nobody and only appear smart to my lazy beagle, but my take is you either own/buy land now or sub to a boat prices thread on a fishing forum. Simple economics to me- the supply is gone. If the world goes broke, MadMax or something where land is cheap....money wont matter, priorities wont be owning theyll be survival related....

My investor is a known hunting land guy but his day job is working for EJ. He gives me the comment that "stocks out perform land" and "land has an average return of 8%"...while there are many folds with that origami, the returns are no longer relative and employees of investing firms will have the same canned answers for their market as realtors would have relative to theirs.

As shared in other threads, im not likely to keep the piece i have for more than a few additional years.....but I bought at "x", will sell at "3x" and be 1031-ing into the next one which hopefully is more of a long haul.

Then again I have owned boats (3-4 at one time). I struggled with the amount of effort versus the amount of use and basically bailed on them when we had kids. At this point- i dont mind paying for a family fishing charter or two. We are typically in the fish, have no trailering, no maintenance and way more money over the long span. may fish more if i owned one. I'd likely kill more deer if i paid for hunts and didnt frog around with habitat and land stuff (or taxes, equipment, trespassers, problems, etc)......so apparently the deer were my gateway into an addiction I am happy and comfy with.

 

[Natty Bumppo]

It's not really pertinent to the thread..."farm land" per se...but one place in which you can find some great land prices is in Northern Maine. Nobody really wants to live there. You'd be amazed at what $40K will buy you. I keep my eye on that market as I'd like to buy a little off-grid deer camp or a parcel on which to build one as I approach retirement.

 

[hillrunner]

It's not really pertinent to the thread..."farm land" per se...but one place in which you can find some great land prices is in Northern Maine. Nobody really wants to live there. You'd be amazed at what $40K will buy you. I keep my eye on that market as I'd like to buy a little off-grid deer camp or a parcel on which to build one as I approach retirement.

How good of prices are we talking?

 

[Natty Bumppo]

How good of prices are we talking?

Depends on how far North and how remote. You can find little off-grid deer camps with 20 acres for around $30k. Or a small home with electric, DPW maintained roads, a barn, outbuilding or two on 3 acres for around $40k. But these are out there...sometimes not even on organized towns...kind of the no-man's land of Maine.

I'm not looking for land. I'd just like a little deer camp on a few acres. Power would be nice. Maintained road would be nice.

As you come further south prices go up...but still pretty reasonable all things considered.

 

[bwoods11]

I was in Maine a few years ago . You can buy a beautiful piece of timber with a creek, some internal roads for $1000/1500 acre ?

If it’s more remote . Once you get by the ocean it goes up quite a bit .

 

[ruskbucks]

In Wisconsin I have never personally seen prices of land ever go down. When I started looking at land 20 years ago land was around $750 to $1000 a acre. It jumped up quickly in 2 years I paid 1350 acre for my 80. It is now going for $2500-3000 and there is hardly anything for sale. A few years ago when it hit$2000 alot of people seemed to sell. I can't see land dropping in value. It is getting harder to find and the pieces are getting divided up and developed. I wish I would of had to buy hunting or farmland around my home in SE WI. Prices are going crazy. Microsoft is buying farmland up for data centers. They are paying farmers $169,000 a acre! Lot of millionaires being made off land in se WI.

 

[hillrunner]

Depends on how far North and how remote. You can find little off-grid deer camps with 20 acres for around $30k. Or a small home with electric, DPW maintained roads, a barn, outbuilding or two on 3 acres

Depends on how far North and how remote. You can find little off-grid deer camps with 20 acres for around $30k. Or a small home with electric, DPW maintained roads, a barn, outbuilding or two on 3 acres for around $40k. But these are out there...sometimes not even on organized towns...kind of the no-man's land of Maine.

I'm not looking for land. I'd just like a little deer camp on a few acres. Power would be nice. Maintained road would be nice.

As you come further south prices go up...but still pretty reasonable all things considered.

Is it common for people to try and put together larger recreational properties or is it more common to have small camps and do their hunting on public forest ground?
I'm intrigued by wild area of this country that do not resemble the Midwest where I've spent my life. I've never been to Maine, but I do watch their warden show. LOL