How does $13,189 per acre sound? That's the price paid—even in the midst of drought—for a 79-acre farm near Wolcott, Ind.
“People keep saying that the drought will suppress farmland prices, but if that’s happening, you sure couldn’t see it in White County, where the most active bidders were neighboring farmers who have a commitment to the land and recognized the opportunity to add to their holdings in the area,” said R.D. Schrader, president of Schrader Real Estate & Auction Company, who conducted the auction.
The farm, offered as a single tract, sold for $1,045,000 to a local farmer.
The field of 27 bidders included investors, but was dominated by farmers, Schrader said.
"Even as we got over $10,000 per acre, we still had several farmers competing for the land," he said.