Farm ground in Greene County, Ohio set a new record on June 5, when a 60-acre vacant farmland tract sold for $484,000, or $8,031 per acre.
According to Matt Sheridan, Auction Manager for Sheridan & Associates, this is a record price for farmland in this area of Greene County. Scarcity of available land in the general area contributed to the price.
“With farmland prices at record highs, we would expect land owners to take advantage of this continuing upward trend and liquidate some farmland. However, many land owners are choosing to ride the wave of high land prices, which is creating a significant sellers’ market,” Sheridan said.
The final selling price for the entire property tallied $627,000 ($8,525 per acre).
The real estate auction, conducted at the Greene County Fairgrounds in Xenia, Ohio, included the sale of four tracts of land contained within a 74-acre farm owned by Winston Bahns (deceased) and Lois Bahns since the early 1930’s. The property is located at 990 Long Road in New Jasper Township, just east of the City of Xenia, Ohio, in central Greene County.
The property featured four tracts consisting of a 60-acre vacant farmland tract; a 4.9-acre tract improved with an older 2-story brick home, outbuildings and spring-fed pond; and two 4-acre rolling building lots. The home and outbuildings were in poor condition and were uninhabited for the last five years. The property bordered a branch of Caesar Creek, featured significant road frontage, and included approximately 53 rolling tillable acres.
Bidders for the farmland tract included in this auction consisted of a mixed group of investors and farmers, with investors bidding the highest prices for the farmland.