The agricultural economy has faced some challenges during the past year with increased interest rates and decreased commodity prices. However, farmers are the eternal optimists. Farmers National Company reports that overall farmland demand remains extraordinarily strong and land values are holding steady in most areas.
Troy Swee, Assistant Vice President of Farmers National, says even in the slight downward turn in the ag sector, the company continues to get phone calls and emails from farmers and investors looking to expand their landholdings.
“High-quality land continues to sell at a level comparable to the spring of 2023,” he says. “However, lower quality farms and farms with a few blemishes on them have seen a seven to 15 percent reduction in price.”
Swee also predicts that land values will continue holding steady for the first half of 2024, even after getting into early summer, when the sales volume typically begins to shrink.
