Overview

2024 ISU Land Value Survey

The 2024 ISU Land Value Survey reported a 3.1% decrease to $11,467 per acre for average Iowa farmland values from November 2023 to November 2024. This represents a decrease of $369 per acre from last year. The 2024 nominal land value, although lower than last year, is still 31.6% higher than the 2013 peak in nominal land values and higher than the 2021 and 2022 nominal land values, when the more recent surge in land values began. The inflation-adjusted value, $8,627/acre in 2015 dollars, saw a 5.5% decrease but is also higher than the 2021 inflation-adjusted value. 

On the supportive side, limited land availability, stronger-than-expected crop yields, ample cash and credit availability, and persistent demand from both local buyers and investors have prevented sharper declines. However, these positive influences were outweighed by negative factors, including declining commodity prices, higher input costs, and elevated interest rates. 

If you have any questions or comments about the 2024 survey, please contact Dr. Rabail Chandio at rchandio@iastate.edu or call the office at 515-294-6181.

2023 ISU Land Value Survey

The 2023 ISU Land Value Survey shows the average value of an acre of farmland increased by 3.7%, or $424, to $11,835 per acre. The nominal value of an acre of farmland is again higher this year than at any point since Iowa State University began surveying values in 1941. When adjusting for inflation, the 2023 average value increased by a modest 0.5%, surpassing the previous inflation-adjusted record value set in 2013 for the second time in a row.

Positive influences in the land market this year were limited land supply, stronger-than-expected yields and the combination of cash on hand and credit availability while interest rate increases remain a major negative pressure on land values in 2023.

If you have any questions or comments about the 2023 survey, please contact Dr. Rabail Chandio at rchandio@iastate.edu or call the office at 515-294-6181.

2022 ISU Land Value Survey

The 2022 ISU Land Value Survey shows the average value of an acre of farmland jumped 17%, or $1,660, to $11,411 per acre. The nominal value of an acre of farmland is again higher this year than at any point since Iowa State University began surveying values in 1941. When adjusting for inflation, the 2022 average value surpasses the previous inflation-adjusted record value set in 2013 for the first time.

While inflation was a major factor that drove the increase last year, it did not play as much of a factor as commodity prices, limited land supply, and low interest rates through summer 2022 did this year.

If you have any questions or comments about the 2022 survey, please contact Dr. Rabail Chandio at rchandio@iastate.edu or call the office at 515-294-6181.

New: Auctions and Surveys show a Near-20% Surge in Iowa Farmland Values

Iowa and the Midwest farmland market has seen the largest increase since the 2013 peak. In August 2021, the Federal Reserve Bank of Chicago reported an 18% annual growth in Iowa‘s “good” farmland values from July 1, 2020, to July 1, 2021, a 6% increase from April to July 1, 2021. This is also consistent with the auction prices shown in the quarterly Iowa Land Supply and Price Update Q2 2021 joint with Farmland Finder, which shows the Q2 2021 farmland auction prices for 85% tillable grounds increased more than 20%, rising from $9,956/acre in Q1 2021 to $11,907/acre in Q2 2021. The implied sales prices for all land quality classes have risen to much higher levels of $133–$172/CSR2. This reflects tremendous surges in commodity prices as corn futures prices rose from $5/bushel in late 2020 to $6–$7/bushel in the last two months. Please also find Dr. Zhang’s discussions of the Iowa and Midwest farmland market on Agricultural Policy Review.

2022 Iowa Farmland Ownership & Tenure Survey

Farmland often is a farmer’s single largest investment item, a major source of collateral, and a key component of the farmer’s debt portfolio. At the macroeconomic level, the value of land and buildings represents over 80 percent of all U.S. farm assets. As a result, changes in the farmland market and the implications for farmland owners, tenants, and beginning farmers are of perennial interest to policymakers, landowners, producers, and researchers. Using a statistically representative sample of Iowa landowners in July 2022, this study provides a critical update to the Iowa Farmland Ownership and Tenure Survey series and a forty-year perspective (1982 to present) on many aspects of land ownership, tenure, acquisition, succession, and characteristics of landowners, including non-operator landowners, farmland rental agreements, and the financing of farmland.

The 2022 survey also added questions on the use of working land and edge-of-field conservation practices on Iowa farmland, the developments with trusts, and potential transfers to beginning farmers. This survey carries out an Iowa legislative mandate, and represents a nationally unique study that has been conducted every five years since the 1980s to better understand agricultural land ownership, tenure, and transfer.

Authors: Jingyi Tong and Wendong Zhang

• Full Report in pdf

2017 Iowa Farmland Ownership & Tenure Survey Paper Copy Available for Order ($5 Only)

The new, 60-page 2017 Iowa Farmland Ownership and Tenure Survey report is available for order at the Extension Store for only $5 each paper copy. This is a unique survey across the nation which provides statistically representative information on many aspects of land ownership, tenure and transitions in Iowa. For example, the survey finds that 60% of Iowa land is owned by people 65 years or older, 82% of Iowa land is owned free of debt, and 29% of all acres is primarily owned for family or sentimental reasons.

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