Ohio Farm Near Fast-Growing Columbus Sells for $36,980 an Acre

 When a 110-acre farm outside the town of Dublin in central Ohio went on the auction block last week, the realtor who handled the sale thought it would go for a lot of money. 

“I guess $20,000 an acre was my expectation, maybe a little more,” said Brandon Wilson, Vice President of Wilson National Real Estate and Auction Group, a firm based in Hillsboro that has been in operation since 1958.

What he got was more than that. A lot more.

The property, broken up into 3 tracts, sold for an average of $36,980 an acre and a total of $4,080,000.  When it was all said and done, two buyers ended up with the land:

• Tracts 1 & 2 (70.028 acres) sold for $41,697 an acre. Total amount = $2,920,000.  

• Tract 3 (40.3 acres) sold for $28,748 an acre. Total amount = $1,160,000. 

Ohio Farm Auction Surprised Broker with Final Price

Wilson said it was a big surprise. The other thing that was unusual about the auction was the number of people who were bidding on the property.  “There was a lot of action throughout the entire auction,” according to Wilson.

He estimates nearly 15 people were involved in the intense, back-and-forth bidding, which is a high number for a property with just three tracts.

Most of the time, Wilson sees a mix of farmers and investors at land auctions. But this sale was heavy on bidders who wanted the land to make money. “They are looking at land as more of an investment,” he said.   

RELATED: This Ohio farm auction brought in $19,200 per acre. 

He said in addition to seeing more investors buying farm ground, like this property, he is seeing an uptick in people buying land using a 1031 exchange, which allows investors to defer capital gains taxes when selling and reinvesting in other qualifying real estate.

As Ohio land appreciates in value, Wilson said there are more people getting into the land market. 

Ohio Land Values Remain Steady

The most recent USDA data shows land values remain steady in Ohio. In 2024, the average price for an acre of land was $8,760. That was up 9% from 2023. The price of the sale near Dublin was more than four times that amount. 

There are several reasons why Wilson speculates the property sold for such a premium. 

First, the farm ground has high quality Blount, Pewamo, and Wetzel soil. Fields are laid out well, making it easy to plant and harvest crops.

Second, it has a good location. Wilson said the farm sits just outside Dublin, which is about 15 minutes west of Columbus, a city that has experienced a tremendous amount of growth in recent years. According to a news story from NBC4, Columbus was the second fastest growing city in the country in 2024. 

Third, given its prime location, the land could easily be transitioned into housing lots. Wilson said the land sits along a road and has level terrain, making it the perfect spot for future development as more houses are built nearby. 

As he reflects on what happened at the sale, Wilson said he still can’t believe it. Even with all the growth in the Columbus area, and the quality of the land, this is something he isn’t sure he will see again.  

RELATED: This is why a land auction in Iowa brought in $38,000 per acre.