The price of agricultural land is soaring in Kansas and other Midwestern states. A national brokerage for farm and ranch land called Farmers National Co. released a survey recently.
It showed that non-irrigated crop land in central Kansas averaged $3,000 an acre, up 50 percent since June. Irrigated farmland in central Kansas was up 15 to 20 percent since June, for an average of $3,500 an acre.
Raymond Bott, owner of Bott Realty and Auction said land in Washington saw an increase in land prices beginning in October after crop and market prices were up and with low interest rates available. Don Prell of Prell Realty and Auction said that land prices did a take a jump in the summer of 2010 but agreed with Bott that the jump was not 50% as reported by Farmers. Prell said land prices have gone over $4000 per acre for land in the right location but in general the increase in price during 2010 stayed in the 5-10 percent range.