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The Speculative Value of Farm Real Estate

Author

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  • Jeffrey Stokes
  • Arthur Cox

Abstract

Farm real estate in the Midwest has increased in value at rates not seen since the 1970s. The combination of low interest rates, an increase in the demand for grains, and lower stocks has all pushed prices higher for commodities grown on farmland. A question that naturally arises is whether or not there is speculation in farm real estate and if so, to what extent speculation has contributed to the increase in farmland values? In this paper, we develop a valuation model for farmland. Current conditions indicate there may be a modest speculative component, but higher corn prices would be necessary for speculation to be significant.

Suggested Citation

  • Jeffrey Stokes & Arthur Cox, 2014. "The Speculative Value of Farm Real Estate," Journal of Real Estate Research, Taylor & Francis Journals, vol. 36(2), pages 169-186, January.
    • Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:169-186
    DOI: 10.1080/10835547.2014.12091388
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    Cited by:

    1. Vasco Capela Tavares & Fernando Tavares & Eulália Santos, 2022. "The Value of Farmland and Its Determinants—The Current State of the Art," Land, MDPI, vol. 11(11), pages 1-14, October.
    2. Huijian Dong & Xiaomin Guo, 2020. "Population, Income, and Farmland Pricing in an Open Economy," IJFS, MDPI, vol. 8(4), pages 1-18, October.
    3. Brett Olsen & Jeffrey Stokes, 2015. "Is Farm Real Estate The Next Bubble?," The Journal of Real Estate Finance and Economics, Springer, vol. 50(3), pages 355-376, April.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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