"What's my farm worth?" is the question I get most, whether it comes up at the kitchen table, in the coffee shop or at the end of a field. It's a fair question, and there's a better answer than a guess. Every farm sale in Minnesota gets reported to the state, and the University of Minnesota compiles those records county by county.
So let's look at the real numbers for Dodge, Olmsted and Fillmore counties, what moves them, and how to figure out where your own land fits.
The short answer: In 2024, the latest year of county sales data from the University of Minnesota, the average farmland sale brought about $11,608 per acre in Dodge County, $11,104 in Olmsted County and $8,497 in Fillmore County. Statewide, USDA puts 2026 Minnesota cropland at $7,300 per acre. Values for any single farm vary widely.
Key takeaways
- 2024 sale averages were $11,608 per acre in Dodge, $11,104 in Olmsted and $8,497 in Fillmore (U of M Land Economics).
- USDA's 2026 survey puts Minnesota cropland at $7,300 per acre, up 4.3% from 2025.
- Growth is cooling. In the Minneapolis Fed's first-quarter 2026 survey, Minnesota lenders reported nonirrigated cropland prices falling.
- Soils (CPI), tillable acres, tile and CRP contracts drive the big swings between farms.
- A county average is a starting point. Your farm's value comes from comparable sales of similar farms.
What are farms actually selling for in Dodge, Olmsted and Fillmore counties?
The best public source here is Minnesota Land Economics (MLE), run by the University of Minnesota Department of Applied Economics. It's built from Certificates of Real Estate Value filed with the Minnesota Department of Revenue.
MLE leaves out non-arm's-length sales, parcels under 20 acres, and sales where the buyer planned to change the use. Its prices include land and buildings (MLE methodology). Here's what it shows:
| County | 2023 sales | 2023 avg. $/acre | 2024 sales | 2024 avg. $/acre | 2024 range $/acre |
|---|---|---|---|---|---|
| Dodge | 18 | $10,402 | 20 | $11,608 | $7,597 – $15,740 |
| Olmsted | 35 | $10,306 | 25 | $11,104 | $6,033 – $19,735 |
| Fillmore | 40 | $7,726 | 33 | $8,497 | $4,484 – $12,061 |
Source: Minnesota Land Economics, Farmland Sales report (Dodge, Olmsted and Fillmore; average price per acre by county and year). MLE reports the average of each parcel's per-acre price. 2025 county sales were not yet available in the tool when this was written.
Three things stand out:
- The samples are small. Each county had only 20 to 33 qualifying sales in 2024, so one or two big sales can move the average.
- The ranges are wide. Olmsted County sales ran from about $6,000 to nearly $20,000 per acre.
- Fillmore averages lower. That fits its more rolling, karst terrain and its larger share of pasture and woods.
How do these counties compare to Minnesota and U.S. averages?
Every June, USDA's National Agricultural Statistics Service surveys land values. Its Land Values 2026 Summary (July 31, 2026) reports:
- Minnesota cropland: $7,300 per acre in 2026, up 4.3% from $7,000 in 2025
- Minnesota farm real estate (land and buildings): $6,950 per acre, up 2.4%
- Minnesota pasture: $2,400 per acre, up 4.3%
- U.S. cropland: $6,020 per acre, up 3.3%
NASS publishes these numbers for the state, not the county. Southeast Minnesota's better soils, along with demand near Rochester, help explain why the MLE sale averages in Dodge and Olmsted run well above the statewide survey number.
Are land values still rising in 2026?
The trend is cooling. In the Federal Reserve Bank of Minneapolis first-quarter 2026 Ag Credit Survey, average nonirrigated cropland values across the Ninth District fell 0.7% from a year earlier, and Minnesota lenders reported that nonirrigated cropland prices fell. That survey asks bankers what they're seeing rather than recording actual sales, but it's a useful early signal.
What drives the value of a farm in southeast Minnesota?
Two farms a mile apart can sell thousands of dollars per acre apart. Usually, these are the reasons:
- Soil productivity: Higher-rated soils bring more per acre.
- Tillable percentage: A farm that's 95% tillable sells very differently from one that's 60% tillable with woods and waterways.
- Drainage: Pattern tile and a good outlet matter.
- Location and access: Road frontage, the distance to grain markets, and how close the land is to Rochester all count.
- Buildings and building sites: MLE prices include improvements, which can push the per-acre figure up or down.
- Leases, CRP contracts and easements: These carry over to the buyer and affect what the land will earn.
- Who's bidding: Neighboring operators and local investors often set the top of the market.
How do CPI and soil ratings affect price per acre?
In Minnesota, soils are rated with the Crop Productivity Index (CPI), and assessors use a Crop Equivalent Rating (CER). Both scales run from 1 (low) to 100 (high). MLE records a productivity rating with each sale, and its Soils Data section lets you compare them. The USDA NRCS Web Soil Survey maps the soils on any parcel.
Pro tip: To compare farms with different soils on the same footing, look at price per CPI point (price per acre ÷ CPI). Buyers often pay more per point for the best soils, but nothing replaces actual comparable sales.
Does tile drainage increase farmland value?
Generally, yes. On poorly drained soils, tile helps you plant on time and keeps yields more consistent, and buyers pay for that. What they'll pay depends on the tile's age and spacing, whether there's a mapped outlet, and how the system ties into county or judicial ditches. (Drainage in Minnesota falls under Minn. Stat. Chapter 103E.)
Pro tip: Collect your tile maps, installation invoices and ditch assessment records before you list. Without them, buyers have to guess, and they usually guess low.
How does CRP affect what my land is worth?
Land in the Conservation Reserve Program pays a fixed annual rent until the contract ends, and the buyer usually takes over the contract. Here's how much land is enrolled locally, according to the USDA Farm Service Agency's CRP county enrollment data (fiscal year 2025):
- Fillmore County: 19,326.90 acres enrolled, averaging $235.90 per acre per year
- Olmsted County: 12,193.17 acres, averaging $242.31 per acre
- Dodge County: 4,945.62 acres, averaging $272.12 per acre
What matters in a sale is how many years are left on the contract, what it would cost to bring the land back into crops later, and whether it fits Minnesota's CREP or other easement programs (BWSR CREP). Some buyers want CRP for the steady income or for hunting. Others discount it because they want to farm the ground right away.
If you're selling farmland
Start with the county numbers above, then narrow down to sales that really look like your farm: similar soils, similar tillable percentage and a similar location. Pull together your documents early, including the FSA maps, tile records, leases, CRP contracts and any survey. A farm that's well documented and marketed to the right buyers gives those buyers the confidence to compete. You can see how we present farms on our current listings page.
If you're buying farmland
Use the per-acre averages as a sanity check, not a target. Look up the soils, ask about drainage and any ditch assessments, read any lease or CRP contract that carries over, and figure in buildings that add value or cost money to remove. Then compare the price per CPI point with recent nearby sales. Browse our farm and land listings to see what's available right now.
How do I get an accurate valuation for my farm?
A real valuation looks at your farm's soils, tillable acres, drainage, buildings, leases and access, then compares it with recent sales of similar farms near you. That takes local sale records, soil maps and a visit to the property, which an average can't replace. For financing, estates or legal matters, you may also need a certified appraisal from a licensed appraiser.
The bottom line
Farmland in Dodge and Olmsted counties averaged over $11,000 per acre in 2024, and Fillmore averaged about $8,500. Statewide values rose again in USDA's 2026 survey, even as lenders reported a softer market. Behind every average is a wide range, and the details of your farm decide where it lands.
Want a free farmland valuation?
If you own land in Dodge, Olmsted, Fillmore or nearby counties, I'd be glad to put together a free, no-obligation farmland market analysis with comparable sales and soil data. Request your free valuation or call or text me at (507) 923-7657.
Frequently Asked Questions About Southeast Minnesota Farmland Values
What is the average price per acre of farmland in Dodge County, MN?
According to University of Minnesota Land Economics, 20 qualifying farm sales in Dodge County in 2024 averaged $11,608 per acre. County data for 2025 hadn't been published yet.
What is farmland worth in Olmsted County, MN?
The 25 qualifying sales in 2024 averaged $11,104 per acre, ranging from $6,033 to $19,735 per acre (MLE).
What is farmland worth in Fillmore County, MN?
The 33 qualifying sales in 2024 averaged $8,497 per acre, ranging from $4,484 to $12,061 per acre (MLE).
What is the average Minnesota cropland value in 2026?
USDA NASS reports $7,300 per acre for 2026, up 4.3% from 2025. Farm real estate overall averaged $6,950 per acre.
Are Minnesota farmland values going down?
The signals are mixed. USDA's June 2026 survey showed gains, while Minneapolis Fed lenders reported that Minnesota nonirrigated cropland values fell in the first quarter of 2026. How any one farm fares depends on its quality.
Disclaimer: This article is general market information from United Country Real Estate | Midwest Home & Farm Realty, a Minnesota real estate brokerage. It is not an appraisal and not a guarantee of value or sale price. Figures are averages from the cited public sources for the years shown. Values for individual properties vary widely with soils, improvements, location and market conditions. Verify all information independently. Midwest Home & Farm Realty is independently owned and operated. Equal Housing Opportunity.