Guide
Types of land buyers: hunters, farmers, builders, investors
Most land draws a hunter, a farmer, a builder or an investor. Name the likely buyer before you price and market, because each values the parcel differently.
By Jordan Johnson, Founder, Kedron Co.Updated 7 min read
Most rural land draws one of four buyers: a hunter or recreational buyer, a farmer, someone who wants to build, or an investor. Of Minnesota, Wisconsin and Iowa, only Iowa publishes survey data on who buys farmland, so treat these four as a working guide, not a measured split. Work out which one a parcel will draw before you set a price or write a word of the listing, because each buyer reads the same ground differently, pays for different things and finds listings in different places.
Who buys land in the Upper Midwest?
The best public data on who buys farmland comes from Iowa. In the Iowa State University 2025 Land Value Survey (surveyed November 2025, 316 respondents), the buyer mix for Iowa farmland sales was:
| Buyer | Share of Iowa farmland sales, 2025 |
|---|---|
| Existing farmers (66% local, 2% relocating) | 68% |
| Local investors | 14% |
| Non-local investors | 12% |
| New farmers | 4% |
| Other | 2% |
The mix changes across the state. Sales to existing local farmers ranged from 43% in Iowa's South Central district to 78% in the Northwest district, and investors made up 46% of sales in South Central. Those are also the two ends of the price range: South Central had the survey's lowest average value at $7,623 an acre, and Northwest the highest at $14,522. In this survey, the lowest-value district also had the largest investor share.
That survey covers farmland, not hunting land. For a broader view, the REALTORS Land Institute 2025 Land Market Survey (national, covering 2025 sales, released April 2026) found agricultural land made up 33% of respondents' land sales, recreational land 30% and residential land 20%. There is no comparable state-level buyer survey for Minnesota or Wisconsin, so in those states your own sales and your county's recent comps are the best guide.
The hunting and recreational buyer
What they want: access, bedding cover, food, water, and a manageable size for their budget. Wingert Land Services, writing on Minnesota in June 2026, said "Many hunting and recreational buyers are looking for smaller properties that fit their budget" and are "especially interested in properties with income-producing acres, access to trees, water, and wildlife habitat" (Wingert Land Services).
How they value it: per acre against other hunting parcels in the same area, with a premium for water, cover and a clean entry route, and a discount for pressure from neighbors.
Where they live: often in a metro area hours from the property. They decide from photos, film and maps before they drive out.
What to lead with: access, a map of cover, food and water, what borders the parcel, and any income acres. The full list is in what hunting land buyers look for.
The farmer
What they want: tillable acres, soil quality, drainage, field shape, and the ability to farm it next season.
How they value it: per tillable acre, and in Iowa by CSR2, the soil productivity index that Iowa buyers and renters use to compare farms. Rent follows soil: the ISU 2026 cash rent survey puts the statewide average at $3.36 of rent per CSR2 point. More on this in CSR2 and price per acre in Iowa.
Where they are: usually close. In the ISU 2025 survey, existing farmers bought 68% of Iowa farmland sold, and local farmers alone bought 66%. Many farm the ground next door and know the parcel better than any listing will describe it.
What stops them: a lease they can't get out of. Elizabeth Strom, a farm manager and broker with Murray Wise Associates, told Farm Progress that "Farmland without a lease will always sell better because farmers want to farm what they buy" (Farm Progress, Sept 10, 2024). In Iowa, if proper written notice isn't given by September 1, the farm tenancy continues for the following crop year on the same terms (ISU CALT, Aug 30, 2024). Wisconsin and Minnesota have their own notice rules; see farm lease termination deadlines. The seller should confirm the timing with their attorney before listing.
What to lead with: tillable acres, soils (CSR2 in Iowa), drainage tile if known, lease status and the date the buyer can farm it.
The builder
What they want: a place to put a house or cabin, a road to it, power, a well and a septic system that will work, and zoning that allows it.
How they value it: by the building site first and the acreage second. A 20-acre parcel with a dry, level site near the road can be worth more to this buyer than 40 acres with no good place to build.
What they need to know:
- Zoning and permits. The county or town zoning office decides whether and where they can build. Send the buyer there.
- Septic. Minnesota requires the seller to disclose in writing how sewage is managed, including any known system and its status (Minn. Stat. 115.55). Whether a new site can support a system is a question for a licensed designer or the county.
- Enrolled forest land. On Wisconsin MFL land enrolled in 2017 or later, "buildings and improvements associated with buildings are not permitted on MFL land unless used exclusively for storage" (WI DNR). A buyer who wants a cabin on MFL ground needs to know that before they fall for the parcel.
- Splitting a parcel. In Iowa, a seller who divides land with a metes and bounds description must have a plat of survey made of the division, with limited exceptions (Iowa Code 354.4, 2026). A surveyor and the county will say what applies in each case.
What to lead with: the building site, road frontage, power at the road, and what the seller knows about wells and septic.
The investor and the 1031 exchange buyer
What they want: a hold that pays, or a place to put proceeds from another sale.
How they value it: on rent, the tenant and the lease, CRP payments and expiration dates, and resale.
The 1031 exchange buyer has a clock running. Under IRS rules, "you have 45 days from the date you sell the relinquished property to identify potential replacement properties," and the exchange must be completed within 180 days (IRS Fact Sheet 2008-18). That buyer may move faster than anyone else and may insist on a closing date. The Blue Earth County hunting property in Wingert's June 2026 update sold to an exchange buyer, so recreational ground draws these buyers too. Exchange rules are for the buyer's tax advisor and qualified intermediary, not the agent.
What to lead with: the income numbers with dates (rent, lease term, CRP payment and contract end), taxes, and how quickly the seller can close.
When one parcel draws two buyers
Many Upper Midwest parcels are mixed: tillable on the flats, timber in the draws, a creek through the middle. That parcel can draw a farmer and a hunter, and they will not pay for the same things.
| Buyer | Looks at first | Prices by | Finds listings through |
|---|---|---|---|
| Hunter | Access, cover, water, neighbors | Per acre against hunting parcels nearby | Land portals, social, film, word of mouth |
| Farmer | Tillable acres, soils, lease | Per tillable acre, CSR2 in Iowa | Neighbors, local agents, auctions |
| Builder | Building site, road, power, septic | The site, then the acreage | Portals, local search, signs |
| Investor or 1031 buyer | Rent, lease, CRP income, timing | Return and resale | Brokers, portals, referrals from advisors |
For a mixed parcel, decide which buyer is most likely to pay the most, lead the listing with what that buyer checks first, and give the other buyer a clear section of their own. A description that tries to talk to everyone in the first paragraph talks to no one.
How the buyer changes price and marketing
Naming the buyer early changes three decisions.
- Price. Comps for a hunting buyer are other recreational sales; comps for a farmer are tillable sales. Pick the wrong set and the price is wrong in one direction or the other.
- Timing. Strom also told Farm Progress that "Generally, the best time to sell farms is outside the growing season because that's when the most money is in the market." Hunting buyers are thinking about next season, and many want to scout or hang stands before it opens.
- Marketing. A farmer next door needs a phone call and a soil map. A hunter in Minneapolis or Chicago needs a map, film and aerial views of cover, water and access before they will drive out.
Before you price the next listing
On the first walk with the seller, write down which of the four buyers this parcel will draw, and which one is most likely to pay the most. Pull comps for that buyer. Then list the three questions that buyer will ask first and make sure the listing answers them. When calls come in, sort them by buyer type on the first call; qualifying a land buyer covers what to ask. More on how buyers decide is in land buyers.
