Figures from the Real Estate Institute show the median price for the quarter to February fell from the record $4.25 million to $4.13 million.
Despite the adjustment, the dairy boom continued.
Institute spokesman Peter McDonald says 158 dairy farms sold in the last quarter driven by record milk solids returns.
The average price per hectare was $44,165, a rise of just over $7,000.
McDonald says one major sale was of a $14.5 million property at Patoka in the Hastings region.
The farm produces 370,000 kilograms of milk solids equating to 764 kilos of milk solids per acre.
Another major dairy transaction involved a 285 hectare property at Waianiwa in Southland which sold for $12.9 million.
The farm produces 289,707 kilos of milk solids, equating to 1,015 kilos of milk solids per hectare.
