Benton County, Indiana
2023 Land Sales Report
After several years of significant increases in value, price per acre values rose in 2023 and appear to be starting to stabilize into 2024. Top Quality farmland with either wind turbines or pattern tile systems continue to achieve the highest price per acre due to scarcity and investment opportunity.
If you’d like to get specific land values on your own property or a farm near you for 2024, please contact Johnny Klemme today at (765) 427-1619
Average Price of Land*
Avg. $13,752/acre
Jan.- Dec. 2023*
As High as $19,599/acre
in 2024*
Land Market Commentary & Local Trends by Johnny Klemme
Overall, the average price of farmland was $13,752/acre and the average price per productivity index point was $180.58 in 2023 based on the below sampled data. In 2024, we have seen farmland prices in Benton County as high at $19,599 per acre, with several sales in the $17,000 per acre range.
Since 1977, the Geswein Farm & Land Team has been advising farmland landowners, and investors to make decisions based on most current, accurate, and relevant data and farming or agronomic practices in management. The information in the report and data set below can provide you with a rough estimate of your property’s value; however, understanding the specific characteristics of your property and how they compare to the other sales will provide the most accurate value of your land. Additionally, properties sold by land brokers via auctions or listings consistently outperformed individual to individual transactions and properties sold by traditional home realtors.
By The Numbers
Key Factors that affect farmland value in Benton County include:
- Location
- Presence of Wind Turbines
- Presence of Pattern Tile or Tile Systems for Drainage
- Presence of Pivot Irrigation Systems
- High Soil Productivity Indexes (WAPI and NCCPI)
- Proximity to Grain Markets or Storage
- Yield & Fertility Histories
- Historical Farm Management Plans / Crop Plan History
According to Land.com, a total of 2,000 acres were recently listed for sale in Indiana’s Benton County, representing approximately $21 million in farms, rural land, hunting land, and other properties. Benton County ranks 90th out of 92 counties in the Hoosier State for the total number of acres currently advertised for sale, with Oxford having the most land for sale. Benton County boasts a robust agricultural economy, with 381 farms recorded in the latest U.S. Census, generating annual revenues of $14 million, primarily from crops. As Indiana’s 43rd largest county, covering 406 square miles in the West Indiana region, several factors influence farmland values here.
Other factors to note that may affect farmland values in Benton County include soil quality, water availability, and climatic conditions, which are essential for cropland productivity. Proximity to grain markets and transportation infrastructure, such as highways and railroads, also significantly impact land values by facilitating easier access to buyers and suppliers. Additionally, land-use regulations, zoning laws, and the presence of conservation programs (CRP or EQIP, etc) can either enhance or restrict the potential uses of farmland, thus affecting its value. Economic trends, such as commodity prices and interest rates, play a crucial role in determining land demand and investment returns. Currently we see very few farms for sale, and continued growth in the demand for farmland – thus supporting strong prices despite higher interest rate headwinds. The historical productivity of the land and technological advancements in farming practices can further influence the desirability and valuation of farmland in Benton County.
The most recent USDA farmland census reveals that Benton County encompasses approximately 226,260 acres of farmland. With an average farm size of about 580 acres and over 390 farms in operation, the county is a significant player in Indiana’s agricultural landscape. Corn and soybeans dominate as the primary crops, substantially bolstering the local agricultural economy. The census also highlights that the majority of farm operators in Benton County are family-owned businesses, underscoring the critical role of agriculture in the community’s heritage and economy.
Key analytics from the USDA census provide a deeper understanding of Benton County’s agricultural dynamics. The average farm size of 580 acres suggests a mix of small to medium-sized farming operations, which can influence efficiency and scalability in agricultural practices. The dominance of corn and soybeans indicates a reliance on crop rotation strategies, which can enhance soil health and productivity but also make the local economy vulnerable to fluctuations in commodity prices.
- The prevalence of family-owned farms highlights the significance of generational farming knowledge and community-oriented business practices.
- These family operations often face unique challenges, such as succession planning and access to capital, which can impact long-term sustainability.
Additionally, the data on farmland distribution and usage can inform policy decisions, investment strategies, and resource allocation to support the agricultural sector’s growth and resilience in Benton County.
History & Background of Benton County, Indiana
County Seat: Fowler
Townships: Bolivar / Center / Gilboa / Grant / Hickory Grove / Oak Grove / Parish Grove / Pine / Richland / Union / York
History: Named for Thomas H. Benton, United States Senator and founded in 1840
Population: 8,719
Cities & Towns: Ambia / Boswell / Earl Park / Fowler / Otterbein / Oxford
Acreage: 260,108
According to the USDA National Agricultural Statistics Service (NASS), the following crop statistics have been reported for Benton County, Indiana.
The 2022 Ag Census for Benton County, Indiana, reported the following crop statistics:
Number of farms: 390
Land in farms (acres): 226,260
Average farm size (acres): 580
Total market value of products sold: $298,356,000
Government payments: $1,514,000
Farm-related income: $10,300,000
Total farm production expenses: $191,604,000
Net cash farm income: $118,566,000
Sources / Citations:
Source 1:
“United States Department of Agriculture.” USDA, www.nass.usda.gov/Statistics_by_State/Indiana/Publications/County_Estimates/index.php#:~:text=Access%20Quick%20Stats%20Lite,to%20NASS%20Surveys%20and%20Programs. Accessed 8 July 2024.
Source 2:
“USDA.” 2022 Census of Agriculture County Profile, www.nass.usda.gov/Publications/AgCensus/2022/Online_Resources/County_Profiles/Indiana/cp18029.pdf. Accessed 8 July 2024.
*The transaction and land sales data/information contained in this report was obtained from publicly available sources and sales disclosures deemed accurate and reliable but not guaranteed, no liability for accuracy, errors or omissions is assumed by Geswein Farm & Land Realty, LLC
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