A 173-acre farm in Champaign County sold for $15,375 per acre Wednesday in a transaction that is believed to have set a new local record, according to a news release from Murray Wise Associates LLC.
"This is the first time I've seen farmland prices without development potential exceed $15,000 per acre in Champaign 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 Joe Bubon, executive vice president of Murray Wise Associates, which is based in nearby Champaign.
The land was offered in three tracts but ultimately sold as an entirety to a local to a single buyer group made up of two farmers and an investor, according to Bubon.
"We had a good mix of farmers and local investors. Farmers were a major factor in this auction because it makes sense to purchase this and integrate it into their existing operations," said Bubon.
"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 properties were located off County Road 1400 North, approximately two miles east of Urbana.
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