Boone County, Indiana
2023 Land Sales Report
After several years of significant increases in value, price per acre values rose in 2023. Some areas, localized in nature, or transitional / developmental in nature continue to hit record highs, while many rural areas of Boone County may be seeing some stabilization into 2024.
For specific farmland or transitional land values on your own property or a farm near you, contact Johnny Klemme today at (765) 427-1619
Average Price of Land*
$19,515/acre
in 2023*
As high as $$$$$/acre
in 2024*
Land Market Commentary & Local Trends by Johnny Klemme
Overall, the average price of farmland was $19,515/acre and the average price per productivity index point was $244.60 in 2023 based on the below sampled data. Farmland in the LEAP business district strongly affected the general farmland marketplace in Boone County and surrounding counties such as Benton, Clinton, Montgomery, and Warren. A high number of 1031 exchanges occurred in all of these counties, effectively sending the overall average price per acre in the upward direction.
What is the LEAP Project?
The LEAP Lebanon Innovation District, is touted as the next location of global innovation, with approximately 9000+ available acres for development purposes (current and former top quality farmland). The site which sits strategically between Purdue University in West Lafayette and the state capital Indianapolis is being developed for manufacturing, R&D, super sites, and more. You can learn more at the official LEAP website here >
By The Numbers
e 1977, the Geswein Farm & Land Team has been advising landowners, land investors, and farmer with decisions based on most current, accurate, and relevant data and farm management criteria for sustainability and profitability. The farmland sales information in the charts below can provide you with a rough estimate of your property’s value; however, understanding the specific characteristics of your real estate and how they compare to the other sales will provide the most accurate value of your property. Additionally, properties sold by land brokers via auctions or listings consistently outperformed individual to individual transactions and properties sold by traditional home realtors.
According to Land.com, the value of all farms and rural real estate for sale in Indiana’s Boone County recently was nearly $165 million, representing a combined 1,238 acres of land for sale in Boone County. Boone County ranks 16th out of 92 counties in the Crossroads of America for the combined amount of land currently advertised for sale, with Zionsville having the most land for sale. Boone County is Indiana’s 29th biggest county, covering 423 square miles, located in the Central Indiana region.
Boone County has experienced significant growth in recent years, driven by both residential and commercial development. A notable contributor to this growth is the development of the LEAP (Life Sciences, Engineering, and Advanced Production) district. This district has seen a surge in land values due to its strategic location and the influx of high-tech industries. Farmland within the LEAP district has witnessed substantial price increases, with some parcels reaching over $50,000 per acre. This reflects the high demand for land suitable for industrial and technological development, positioning Boone County as a prime area for investment.
The county’s proximity to major highways and metropolitan areas like Indianapolis enhances its attractiveness for both agricultural and non-agricultural investments. The increase in infrastructure and economic activities contributes to the rising land values, making Boone County a dynamic region in Indiana’s real estate market.
The most recent USDA farmland census reveals that Boone County has approximately 205,588 acres of farmland. The county’s average farm size is around 396 acres, with over 519 farms operating within its borders. Corn and soybeans are the predominant crops, contributing significantly to the local agricultural economy. The census also indicates that the majority of farm operators in Boone County are family-owned businesses, emphasizing the importance of agriculture to the community’s heritage and economy.
Key analytics from the USDA census provide deeper insights into Boone County’s agricultural landscape. The average farm size of 396 acres. The dominance of corn and soybeans highlights the county’s reliance on these staple crops, which are critical for both local and national food supply chains. This reliance also makes the local economy sensitive to changes in commodity prices and market demand.
The high number of family-owned farms underscores the significance of generational farming practices and the transfer of agricultural knowledge within families. These farms often face unique challenges, such as succession planning and maintaining profitability amidst fluctuating market conditions. Additionally, the data on farm distribution and crop production can inform policy decisions, helping to allocate resources effectively and support the sustainability of family-owned farms.
Boone County’s agricultural success is further supported by its proximity to urban centers, which provides access to larger markets and infrastructure. This strategic location, coupled with the growth of the LEAP (Life Sciences, Engineering, and Advanced Production) district, is driving up land values and attracting diverse investments. Farmland prices in this district can exceed $50,000 per acre, reflecting the high demand for land suitable for both agricultural and industrial purposes. These factors collectively highlight Boone County as a key player in Indiana’s agricultural sector and a promising area for future growth and investment.
History & Background of Boone County, Indiana
County Seat: Lebanon
Townships: Center / Clinton / Eagle / Harrison / Jackson / Jefferson / Marion / Perry / Sugar Creek / Union / Washington / Worth
History: Named in honor of Daniel Boone, Famous Pioneer
Population: 74,164
Cities & Towns: Lebanon / Advance / Jamestown / Thorntown / Ulen / Whitestown / Zionsville
Acreage: 270,880
According to the USDA National Agricultural Statistics Service (NASS), the following crop statistics have been reported for Boone County, Indiana.
The 2022 Ag Census for Boone County, Indiana, reported the following crop statistics:
Number of farms: 519
Land in farms (acres): 205,588
Average farm size (acres): 396
Total market value of products sold: $230,230,000
Government payments: $513,000
Farm-related income: $7,501,000
Total farm production expenses: $171,817,000
Net cash farm income: $66,427,000
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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