Indiana farmland sells for $9450 an acre - 13 WTHR Indianapolis

Indiana farmland sells for $9450 an acre

Indiana farmland sells for $9450 an acre

Updated:

An auction company says it's sold 637 acres of farmland in northwestern Indiana's Newton County for more than $6 million.

Schrader Real Estate and Auction Co. of Columbia City says 40 registered bidders took part in Tuesday's auction of two farms that were sold as a single 637-acre unit.

The winning bid of $6.02 million means each of those acres went for $9,450.

Auction company President R.D. Schrader says Tuesday's auction shows "there's still a good market for quality farmland" in Indiana.

A Purdue University study released last year found the average price of high-productivity Indiana farmland was $9,177 per acre in 2013, while the price of average-productivity farmland was $7,446 per acre.

That report also found the average price of poor-productivity farmland was $5,750 per acre last year.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow