Iowa State University Extension’s Farmland Value Survey recently reported a 29% increase to $9,751 per acre in average farmland values in Iowa. This is an increase of $2,192 from data released in November 2020.

The last large spike in land price was in 2011, when the average farm acre value jumped 32%, and according to the report, $9,751/acre is the highest value since the 1940’s.

The report saw an increase in land values in all nine crop reporting districts with North Central and West Central seeing the largest increases at 34.5% and 33.1%.

All 99 counties in Iowa are seeing their highest land value since 1950.  Allamakee and Clayton counties saw the largest percent increase in the state at 36.4%, while Keokuk County saw the lowest percent increase at 23.2%.

Via CARD and Iowa State University
Via CARD and Iowa State University

The average value per acre in Northeastern Iowa was $9,958, up $32.3% from 2020. High, medium, and low-grade land in the area averaged at $12,308, $9,122, and $6,717 per acre.

The survey is an expert opinion survey that was sent out to licensed real estate brokers, farm managers, appraisers, agricultural lenders, county assessors, and selected individuals considered to be knowledgeable of land market conditions. The 2021 report is based of 455 responses.

Respondents pointed out positive and negative factors affecting the land market over the past year. Positive factors included high commodity prices, favorable interest rates, and high yields. Negative factors included input costs, sustainability of high land prices, and possible changes in interest rates.

The respondents of the survey are optimistic that strength of future land markets will continue to increase land values in Iowa.

For the full survey results, click here.

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