Iowa Buyers Join $22.5M Farmland Auction as Indiana Tracts Hit $32,600 an Acre
A two-state farmland auction that drew bidders from Iowa and six other states closed with $22.46 million in sales, with one Indiana parcel fetching a striking $32,600 per acre. The sale of the late Philip Rietveld's nearly 1,500-acre portfolio underscores the enduring value of Midwestern farmland as a finite asset and a generational store of wealth.
What made the Rietveld farmland auction stand out?
The auction, handled by Geswein Farm and Land, spanned two days in early September and covered 23 tracts across Illinois and Indiana. The brokerage split the sale by state to keep bidding focused and avoid buyer fatigue, a strategy that paid off with results that exceeded expectations.
Johnny Klemme of Geswein told Agriculture.com the event was one of the largest in the firm's history. He said the results surpassed even their most optimistic forecasts, with every Indiana tract selling at the high end of anticipated values.
How much did the farmland sell for and who bought it?
In total, 1,477.5 acres sold for $22,458,078, averaging $15,200 per acre. The Illinois side included 15 tracts covering 856.84 acres, which drew 197 bids and brought $9,479,881, or about $11,064 per acre. Prices ranged from $8,600 to $16,100 per acre depending on location and soil quality.
The Indiana portion was smaller but far more competitive. Eight tracts totaling 620.72 acres attracted 539 bids and sold for $12,978,197, roughly $20,908 per acre. Individual prices ranged from $16,600 to the headline $32,600 per acre.
The auction drew 82 registered bidders from Florida, Illinois, Indiana, Iowa, Maryland, North Carolina, and Washington. No institutional investors purchased tracts. One regional land investment group bought on the Illinois side, while the rest were local or regional farmers and landowners. Thirteen buyers purchased the 15 Illinois tracts, and just two buyers acquired all eight Indiana tracts.
Why did the Rietveld farmland sell above state averages?
The Rietveld farms sold above statewide averages in both states. According to the National Agricultural Statistics Service, Illinois farm real estate averaged $9,250 per acre in 2026, up 3.6 percent from the previous year. The Illinois tracts in this auction sat at or above that benchmark.
In Indiana, Purdue University's Farmland Values and Cash Rent Survey showed top-quality farmland averaging $14,909 per acre. The Indiana tracts in the Rietveld sale traded well above those figures, reflecting their proximity to Chicago, strong soils, and competitive local demand.
Klemme credited fundamentals like paved road frontage, locations near towns, and consistent soil productivity. He also cited less tangible factors, such as local knowledge about future development or nearby land-use changes that may not be obvious to outsiders.
What does this mean for Iowa farmers and landowners?
For Iowa readers, the sale is a reminder that farmland remains a resilient asset class. Klemme noted that buyers view farmland through multiple lenses, including farm expansion, income generation, inflation protection, long-term wealth preservation, development potential, and legacy ownership.
Unlike many other assets, farmland is finite, which adds to its appeal for families seeking to build or preserve wealth across generations. The Rietveld auction shows that well-located, productive ground continues to command strong prices even in a mixed market.
For the Rietveld family, the auction marked the end of a long chapter. For the buyers, it was a chance to acquire quality ground in a market where supply is limited and demand remains firm.
Each sale represents the closing of one family's chapter and the start of another's, Klemme said.
Frequently asked questions about the Rietveld farmland auction
Who was Philip Rietveld?
Philip Rietveld was a lifelong farmland investor who assembled nearly 1,500 acres across Illinois and Indiana before his death in 2026. He did not farm the ground himself but was intentional about where he bought and maintained long-term tenant relationships.
How much did the farmland sell for per acre?
The combined average was $15,200 per acre. Illinois tracts averaged $11,064 per acre, while Indiana tracts averaged $20,908 per acre, with one parcel reaching $32,600 per acre.
Were there any Iowa buyers in the auction?
Yes, Iowa was among the seven states represented among the 82 registered bidders, along with Florida, Illinois, Indiana, Maryland, North Carolina, and Washington.