THE MINNESOTA RURAL REAL ESTATE MARKET IN 1963 ... INCLUDING A SPECIAL STUDY OF THE SMALL TOWN RESIDENTIAL PROPERTY MARKET

Farm Real Estate MarketFarm land values in Minnesota have stabilized in the 1960's.There has been some adjustment among the districts with increases centered near the Twin Cities and in the Northwest District.Land turnover is at the lowest rate recorded since 1926.Farm expansion buyers in 1963 purchased more farms than operating farmers, the first time this has happened since the current series of annual farm land market reports was started in 1954.Credit financing remains at a high rate.The high value of most farms and the desire to use available money for operating expenses have led to a steady decline in cash sales.Town Residential Sales (Towns under 5, 000 population, only)The average value of houses (including lots) in most of western Minnesota shows little variation in the different areas.Houses built in 1946-63 averaged around $12, 000, while houses built before 1946 ranged between $7, 500 and $8, 000 in value.The highest residential values are found in towns in the Twin City area and in Southeastern Minnesota.A decrease in residential values is reported for the Southwest, since 1960.