Northwest Indiana Farm Sells Far Above Expectations Signaling Steady Market

A 110.82-acre farm in northwest Indiana recently sold at auction, and the results surprised even the seasoned realtor handling the sale. But it was a surprise he welcomed.

Craig Stevenson, co-owner of Geswein Farm & Land based in Lafayette, Indiana, said, “All the data pointed to about $12,000 an acre with a high target near $14,000. It exceeded my expectations by about $3,000 an acre.”

Located in Carroll County, the farm sold for $17,045 per acre, totaling $1,875,000. Three local farmers drove a competitive bidding war, with one ultimately securing both tracts that made up the property.

Key features of the farm:

• 104.58 tillable crop acres

• 174.5 Surety Weighted Average Productivity Index (WAPI)

• Frontage road access

• 40 x 64 barn built in 2009

  
  

American Farmland Owner asked Stevenson—whose total land sales reached $88 million in 2024—about the current agricultural land market. He described the northwest Indiana market as “consistent,” where corn and soybeans dominate production.

According to Stevenson, the Carroll County sale proves that high-quality farmland remains in demand, especially when local farmers are looking to expand. Unlike Iowa and Illinois, where land values spiked starting in 2020, Indiana's growth has been more gradual.

That upward trend continues, he said, even as other states see land values returning to historical averages.

RELATED: AFO breaks down a survey explaining why Iowa farmland values dropped in mid-2025.

Indiana Farmland Market is Changing

While demand for high-quality farmland remains strong, Stevenson noted a shift. “Buyers are pulling back a bit on lower-quality ground,” he said. “But our good-quality land is selling just fine, at or above where I expected it to.”

Supply also plays a key role in market strength. “Overall, we haven’t had enough supply to meet demand, at least here in northwest Indiana,” he explained.

Stevenson added that buyers using 1031 exchanges (which allow sellers to reinvest proceeds and defer capital gains taxes) are helping to sustain prices.

Purdue University Survey Shows Continued Farmland Value Growth

Purdue University’s latest Farmland Value and Cash Rent Survey reported rising land values across Indiana over the past year.

Here are the highlights:

• Top-quality farmland: $14,826/acre (up 3.0% from June 2024)

• Average-quality: $12,254/acre (up 5.4%)

• Poor-quality: $9,761/acre (up 7.6%)

  
  

However, unlike previous years, the survey showed mixed results in land values and cash rents across different regions.

Looking Ahead

Despite headwinds in the broader ag economy, Stevenson remains cautiously optimistic. “I expect more supply in northwest Indiana based on the calls I’m getting. And when a farm fits an operation perfectly, producers still step up to get it.”

RELATED: AFO explains why corn and soybean producers are concerned about long-term impacts of low commodity prices.

Even with interest rates higher than they were four or five years ago, Stevenson believes quality farms will continue to sell.

“If a farm comes up that fits perfectly with your operation, you’re going to do what you have to do to get it. At least that’s what it seems like,” he said.