Farmland owners and agricultural producers often require accurate measures of the market value of agricultural parcels. However, there are a number of complicating factors that make estimation difficult. We demonstrate how multiple regression analysis may be used to estimate the market values while controlling for property differences and minimizing human error. We provide an example that uses a set of 545 farmland sales in Minnesota from 2009. Further, we demonstrate how the analysis can be easily replicated by Extension educators for regional farmland price estimation.
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Keuthe, T. H., & Borchers, A. (2012). Farmland Assessment Through Multiple Regression Analysis. The Journal of Extension, 50(3), Article 64. https://tigerprints.clemson.edu/joe/vol50/iss3/64