A survey done by the North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers shows an average 46% in land prices from 2011-2012 in North Dakota, says Charles Peterson, a farm manager with U.S. Bank-Farm Management Group, Fargo, N.D., and first vice-president of the North Dakota ASFMRA.
Sale prices in the Red River Valley, which includes some Minnesota counties, were up 41%.
Becker County, Minn., had a triple digit increase in prices.
Sixty sectors in North Dakota and Minnesota had double-digit increases. Eight sectors showed single digit increases.
Norman County, Minn., and Adams County, N.D., had a reduction in land prices, perhaps due to the type of land sold in 2012 compared to 2011, Peterson says.
Two North Dakota counties, Richland and Walsh, together reported three land sales in 2012 of $10,000 or more per acre.
Over the last four years, land sale prices have risen 100% in North Dakota, 81% in Minnesota, 90% in the Red River Valley, 126% in northeast North Dakota, 107% in southeast North Dakota, 131% in northwest North Dakota and 93% in southwest North Dakota.
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