Brulen, there haven’t been any farms sold here of late so I don’t have any specific local data but I imagine you’re not going to find 50 acre working fields for under $2,500 an acre anywhere in the Northeast. Real estate value is always a local phenomenon but I’d say the key variable is the extent to which there is development pressure. If developers are lurking around to scoop up farms that come on the market so as to turn them into housing subdivisions, the prices are going to be high. That was the case where I used to live in Western MA and building lots went for $100,000 – $200,000 each. I was on the Board of a Land Trust there and we saw the State paying $8,000 – $20,000 an acre for the development rights so as to keep the land in agriculture due to that development pressure. In New England and NY local conditions can also get skewed by the extent to which affluent folks from Metro NYC are willing to scoop up acreage for their 2nd homes.
Conversely, where I live now there is no development pressure at all and acreage sells for more than $2,500 an acre. A 50 acre working field at $2,500 an acre would sell the day it hit the market.