A new report shows that farmland values in North Dakota last year jumped 46 percent on average over the year.
Fargo, N.D. (AP) A new report shows that farmland values in North Dakota last year jumped 46 percent on average over the year.
The report is from the North Dakota Chapter of the American Society of Farm Managers and Rural Appraisers. AgWeek reports that it is based on the observations of professionals and on documented sales.
Society board member Charles Peterson says land values doubled from 2009 to 2012 in nearly all regions of the state.
Peterson says more investors are looking to buy land because they hope land values and rental rate returns will beat other investments like CD's that aren't keeping up with inflation.
North Dakota State University Farm Management Specialist Andy Swenson also says farmers have had six good years of profitability, and have the cash to buy land.