PREDICTORS OF LAND VALUE SOLD AT AUCTION IN RICHLAND, EDWARDS, AND LAWRENCE ILLINOIS COUNTIES

With increasing land prices and high inputs prices, it is essential for farmers and investors to understand the land-specific determinants that drive value. A growing population and less farmable acres increases the need for a better understanding of the variables that may impact selling price. By implementing the auction method to sell land, the landowner is thought to receive the market price for the land sold on a specific time, date, and location. However, there has been very little research that describes the relationship between land variables and selling price when land is sold at auction. This study explores the potential relationship between land variables and the selling price of the land sold at live auction. With the results, farmers, investors, and auctioneers may be able to better understand the determinants of land value for land sold at auction. Investors and farmers might have more information available to them for valuing land when land is sold at live auction