Henry County Farm Sets New Sales Record at Murray Wise Auction

KEWANEE, Ill, Dec. 27, 2022 /PRNewswire/ -- Murray Wise Associates (MWA) last week completed a farmland auction that is believed to have generated the highest sales price ever in Henry County, Illinois, at $21,100/acre.

"This is the first time I've seen farmland prices exceed $21,000/acre in Henry County. The bidders at this sale understood the long-term value of quality farmland and the importance of acquiring the land when it is available," said Liz Strom, Vice President of Murray Wise Associates, and auction manager for this sale.

The auction was of 47 acres that was offered in two tracts with the 38-acre tract selling for $21,100/acre a nine-acre tract selling for $18,100/acre.

"We had a good mix of farmers and investors. Farmers were a major factor in this auction because it makes sense to purchase this and integrate it into their existing operations," said Strom.

"This also illustrates the point I've been making that the auction process is ideal for smaller farms, because it creates the interest and competition that ensure a competitive, current market price."

The same day as the Henry County auction, Murray Wise Associates also sold a 78-acre farm in Grundy County, Illinois for $16,200/acre; also, a top-of-market price for the area the farm is located in.

"That we were able to have two sales of such success in different locations and dissimilar farms just goes to show how strong the market is holding up in the face of higher interest rates. We had 25 and 32 bidders registered for each auction respectively and of those we had 12 bidders place bids during the auctions with farmers and investors alike participating," said Eric Sarff, President of Murray Wise Associates. 

The Henry County farm was located right by Kewanee, Illinois and had very high quality soils for the area, while the Grundy County farm had average quality soils for the area and included income from a wind lease. 

Murray Wise Associates LLC, headquartered in Champaign, Ill., is a leading national agricultural real estate marketing, management, and investment firm with additional offices in Naples, Florida and Clarion, Iowa.

SOURCE Murray Wise Associates LLC