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NE IL | There has always been quite a bit of land for sale around here. Some people try to get big money and have it for sale for years and years. But just recently there has been a lot come on the market for a normal asking price ($7000 to $9000). Not exactly sure why. A few homes being built again so some are trying to subdivide and sell in 10 acre lots. But there are a lot of large tracts coming up for sale too. A lot of farmers don't buy land in this area so most land for sale hits the open market.
We're mostly ag, but a few miles north of us you start to get into the Chicago suburbs so it's somewhat development potential. We're caught in between the really good ground of central Illinois that brings $10,000 to $12,000 per acre and the development ground in the suburbs. A lot of farms go up for sale and then when people realize they can't get $10,000 per acre they relist them again in a couple years with another agent for a little less.
Before 2008 farmland around here was selling for $15,000 in 10 acre tracts to people who were building country houses. Some of those 10 acre lots are selling now but not many. And what does doesn't sell for much more than farmland price. Ag investment funds are buying the poorer quality farmland around here and renting it out for high cash rent. Farmers are buying some of the better ground but a lot of farmers in this area don't buy ground. Not as many land-wealthy farmers around here as in some areas. | |
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Farm land for sale
