Iowa Land Auction Sets New State Record [WATCH]
A new state record may have been set earlier this month at an auction for farmland in Iowa.
High Point Land Company held an auction on June 1 that auctioned off 60 acres of farmland in Dubuque County for $30,000.
The 60-acre plot was sold alongside the second tract of land, around 48 acres. Together, more than 107 acres were auctioned off.
The land is located on the western edge of the Dubuque, Iowa city limits and borders Asbury city limits. This area has been growing with recent developments of single-family home subdivisions, multi-family housing, and care facilities say an article in KMCH.
The first tract of land, over 60 acres, sold for $30,000 an acre, which Tanner Knowlton, a High Point land appraiser believes is a state record. The second, 48-acre tract, was sold for $21,000.
“The property was certainly ‘land in transition’ meaning it is an agricultural property that lies in the path of development. To my knowledge, comparable highs brought to auction prior to this one sold for $26,000 per acre and $26,200 per acre in Johnson and Linn counties, with those properties also being ‘land in transition,’” said Knowlton in a KMCH article.
Both properties are zoned as agricultural land, but this could change as the City of Dubuque continues to develop.
While this land has the potential to be developed, Iowa farmland is still seeing a spike in land prices. Throughout the state, we have been seeing farmland sell for $20,000 to $25,000.
Both of these properties sold for over $1 million. You can watch the record-breaking auction here:
The raising prices of farm acreage in Iowa also helped this one farm set a new county land sale record.