KENTLAND, Ind. – 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.