Central Ohio Farm Auction Averages $36,988 an Acre, Far Exceeds Expectations

When a 110-acre farm just outside Dublin, Ohio, went up for auction July 17, the broker handling the sale expected strong interest but nothing like the results he got.

“I figured the land might go for around $20,000 an acre, maybe a little more,” said Brandon Wilson, vice president of Wilson National Real Estate and Auction Group, a family-run business based in Hillsboro, Ohio, that’s been in operation since 1958.

The auction far exceeded his expectations — selling for a staggering $36,988 per acre average, bringing in a total of $4,068,710.

“I was shocked,” Wilson admitted. “There was strong bidding throughout the entire auction.” 

The Sale 

Divided into three tracts, two buyers ultimately walked away with the land:

• Tracts 1 and 2 (70 acres) sold for $41,697 per acre, totaling $2,918,790.
• Tract 3 (40 acres) sold for $28,748 per acre, totaling $1,149,920.

Wilson estimates that about 15 people actively participated in the bidding — an unusually high number for a property split into just three parcels. There were 28 total bidders registered.

While most of the farm auctions he’s involved with typically draw a mix of farmers and land investors, this particular sale had more investors. “They were clearly looking at the land as an investment opportunity,” Wilson said.

Wilson said he’s seeing more investors interested in buying farmland, given the population growth in central Ohio.

Another trend Wilson is seeing more frequently: buyers using 1031 exchanges. This is a tax-deferral strategy that allows investors to roll over capital gains from one real estate sale into another qualifying property without paying immediate taxes.

The Seller and Buyers

The property was owned by the estate of Eldred A. McKitrick and had been farmed by the family for many years, according to Wilson.

In the end, two investors purchased the land. While their exact plans remain unclear, Wilson noted that development — whether residential or commercial — may not happen immediately. 

“It’s in a good location,” he said, “but there’s still some development that needs to reach that area first.” He thinks it could take 20-plus years for that to happen. 

Soaring Land Values in Ohio

According to the latest USDA data, average land values in Ohio remained strong in 2024, at $8,760 per acre, a 9% increase from 2023. But this auction near Dublin blew that number out of the water, fetching over four times the statewide average.

What drove such a premium price? Wilson points to three main factors:

1. High-quality soil: The land features desirable Blount, Pewamo, and Wetzel soils. It also has a National Commodity Crop Productivity Index (NCCPI) rating of between 70.8 and 76.44 on a scale of 1 to 100. The index ranks soils across the United States based on their inherent capacity to produce dryland (non-irrigated) commodity crops.
2. Strategic location: Situated just outside Dublin and only 15 minutes from Columbus, the area benefits from proximity to the largest city in Ohio. 
3. Development potential: With level terrain and road access, the farm is well-suited for future residential development as nearby housing expands.

Given all those features, especially its location, Wilson understands why the land drew so much interest. Still, he doesn’t think this is a case of buyers overpaying for land.  

“While it did bring more than we anticipated, this property was sold at a well-marketed public auction, and the nearly $37,000 per acre sale price reflects true market value,” he said. “In an auction setting, the market itself determines the value. In this case, the market spoke.” 

Will he see a price like this again in the near future? “Given the market’s decision in this instance,” he said, “I fully expect we will see similar results in the future for comparable properties.”

Amazon Land Purchases 

Sky-high land purchases are nothing new near the Columbus area. According to a story by The Columbus Dispatch, Amazon plans to build a 590-acre data center campus in Jeffersonville, about 30 miles southwest of Columbus, after the company bought two parcels of land there for $102 million. The land was purchased in two tracts with 243 acres at $247,737 per acre and 346 acres at $121,965 per acre, according to records filed with the Fayette County Auditor.

Central Ohio Population Explosion 

The growth around Columbus is not expected to slow down anytime soon. According to the Mid-Ohio Regional Planning Commission (MORPC), the Columbus area is among the fastest-growing large metros in the country. Over the course of the next 25 years, MORPC expects the central Ohio region to see growth of 726,000 people, which equates to 272,000 additional households.  

Produced in partnership with American Farmland Owner (AFO). AFO aims to help landowners make informed decisions for their farmland while ensuring the prosperity of American agriculture.