Questions or Media Contact – Dr. Rabail Chandio
- Dr. Rabail Chandio, an assistant professor of Economics and extension economist at Iowa State University, is lead researcher of the ISU Land Value Survey. For questions regarding the survey and land value in general, please feel free to contact Dr. Chandio at rchandio@iastate.edu or call the office at 515-294-6181.
Upcoming Webinars
- Dr. Chandio will present and discuss the recent farmland ownership trends in the Pro-Ag Outlook and Management Webinar. Registration is open.
- Dr. Chandio will be discussing Iowa farmland values and ownership dynamics at the 34th Integrated Crop Management Conference on Dec 4-5, 2023. Registration is open.
Recent Analysis of Land Value Trends
- Dr. Wendong Zhang argued that the surges in farmland markets in Iowa and across the Midwest are buoyed by substantially higher commodity prices, low interest rates, stronger-than-expected crop yields, robust federal ad hoc payments, and limited land supply despite increase in sales activity. For more information, please check:
- Dr. Zhang’s presentation Will Iowa and Midwest Farmland Values Continue to Increase?, 2021 Integrated Crop Management Conference, December 1, 2021
- Dr. Zhang’s presentation Midwest Land Values and U.S.-China Agricultural Trade, Farmer Mac Webinar, November 29, 2021
- Dr. Zhang’s Spring 2021 APR article “Will Iowa Farmland Values Continue to Rise?”
- Dr. Zhang and Ms. Tidgren’s policy brief on “The Tax Implications of the American Families Plan on Iowa Farmland Owners”
- Drs. Zhang and Duffy’s recent July Ag Decision Maker article on Iowa farmland market & expectations
- Dr. Zhang’s recent presentation on land tenure and conservation
Current Trends in Iowa Land Values
- In August 2023, the Federal Reserve Bank of Chicago reported a 2% increase in Iowa‘s “good” farmland values from July 2022 to Jul 2023.
- In September, the REALTORS Land Institute reported an overall 0.6% increase in Iowa cropland values from September 2022 to September 2023.
- The US Department of Agriculture June Area Survey reported a 5.6% rise in Iowa‘s agricultural real estate values (land and building) from June 2022 to June 2023.
- Iowa State University Farmland Value Survey in December 2022 reported a 17% increase in average Iowa farmland values from November 2021 to November 2022, leading to historically high nominal land values since the 1940s.
Expectations about Future Land Values
- The Ag Economy Barometer led by Purdue University, a nationwide monthly agricultural producer survey, showed that farmland value index is up both for the short-term and long-term reflecting that the responders expect higher farmland values in the future.
Land Values in Other States
- Across the Corn Belt and Great Plains, the land market saw consistent, yet more modest, increases. Many neighboring states also experienced recent large increases in land values, especially in surveys conducted in recent months despite the downward pressure from the commodity markets and rising interest rates.
- The 2023 land value survey conducted by Purdue University reported a 7.3%, 5.8%, and 0.7% increase for Indiana’s statewide top-, medium-, and low-quality farmland values, respectively, from June 2022 to June 2023.
- The quarterly AgLetter report by the Chicago Federal Reserve Bank issued in August 2023 indicated a 9% increase in Illinois, a 2% increase in Iowa, and 8% and 23% growth for Wisconsin and Indiana, respectively, for the period of July 1, 2022, to July 1, 2023. It also reported an overall 3% growth over the last quarter for the seventh district.
- The quarterly Ag Credit Survey conducted by the Kansas City Federal Reserve Bank, published in August 2023, revealed that the values of non-irrigated cropland in western Missouri and Nebraska grew 17% and 5% from the previous year, respectively.
- The Illinois Society of Professional Farm Managers and Rural Appraisers and University of Illinois reported in March 2023 that Illinois land values have seen an increase across all land classes with a sharp increase of 23% for excellent farmland tracts over the 2022 year.
- The February 2023 Nebraska report indicated the average market value of dryland nonirrigated cropland increased by 13% compared to one year earlier.
Presentations on Land Values
- Midwest Farmland Values and U.S.-China Agricultural Trade, Kirkwood Community College, December 3, 2021 (~50)
- How Do Iowa Farmers and the General Public Value Water Quality and Visit Iowa Lakes?, 2021 Integrated Crop Management Conference, December 2, 2021 (~50)
- Will Iowa and Midwest Farmland Values Continue to Increase?, 2021 Integrated Crop Management Conference, December 1, 2021 (~50)
- Midwest Land Values and U.S.-China Agricultural Trade, Farmer Mac Webinar, November 29, 2021 (~50)
- Iowa Land Values and U.S.-China Agricultural Trade, Farmland Owners Workshop, Altoona, IA, October 15, 2021
- U.S. Midwest Farmland Market Update, South Dakota Land and Lending Conference, September 10, 2021
- Update on Iowa Land Values & US-China Ag Trade, ISU Extension & Outreach Webinar on Issues Impacting Iowa Landowners and Tenants for 2021, August 25, 2020
- Midwest Land Values & Land Rent: Current Conditions & Trends, 2020 Virtual Midwest Extension Outlook and North Central Farm Management Meeting, August 18, 2020
- Land Tenure and Conservation: What drives Landowner’s Conservation Decisions?, Iowa Agriculture & Water Alliance (IAWA) Advisory Council Meeting, Ankeny, Iowa, September 3, 2019
- The Effects of Interest Rate Changes on Midwestern U.S. Farmland Values, 2019 AAEA Ag Finance & Management (AFM) Section, Atlanta, Georgia, July 23, 2019
- Zhang, Wendong, Who Owns, Buys and Rents Farmland Today?
- Dr. Zhang’s recent presentation on Minnesota and Dakota Land Values and Tariff Impacts on Land Values
- Zhang, Wendong, Update on U.S. Land Values and Cash Rents. The 94th Annual USDA Agricultural Outlook Forum, February 2018
Publications on Farmland Market
- Zhang, Wendong. 2021. “Will Iowa Farmland Values Continue to Rise?”, Agricultural Policy Review, Iowa State University Center for Agricultural and Rural Development (CARD), Spring 2021
- Tidgren, Kristine,and Wendong Zhang. 2021. “The Tax Implications of the American Families Plan on Iowa Farmland Owners” CARD Policy Brief 21-PB 35, August 2021, Center for Agricultural and Rural Development, Iowa State University
- Zhang, Wendong and Mike Duffy. 2020. Agricultural professionals expect lower farmland values over the next 18 months. Ag Decision Maker Newsletter. Iowa State University Extension and Outreach, July 2020
- Zhang, Wendong. 2019. Iowa farmland value grows 2.3% in 2019, but barely exceeds inflation. Ag Decision Maker Newsletter. Iowa State University Extension and Outreach, December 2019
- Zhang, Wendong and Mike Duffy. 2019. Comparing the Stock Market and Iowa Land Values: A Question of Timing. Ag Decision Maker Newsletter. Iowa State University Extension and Outreach, July 2019
- Zhang, Wendong, and Steven Johnson. 2019. “Agricultural Professionals Expect Lower Land Values and Stable Crop Prices,” Ag Decision Maker Newsletter. Iowa State University Extension and Outreach, June 2019
- Zhang, Wendong, Alejandro Plastina and Wendiam Sawadgo. 2018. Iowa Farmland Ownership & Tenure 1982-2017: A Thirty-Five Year Perspective
- Zhang, Wendong, and Kristine Tidgren. 2018. Current Farm Downturn vs. 1920s and 1980s Farm Crisis: An Economic and Legal Comparison. Agricultural Finance Review, Lead Article 78(4): 396-411, April 2018
- Zhang, Wendong. 2017. What’s Happening with U.S. Land Values? Farmland in Perspectives, Summer 2017
- Zhang, Wendong. 2017. Four Reasons Why We Aren’t Likely to See a Replay of the 1980’s Farm Crisis. Agricultural Policy Review, Center for Agricultural and Rural Development, Spring 2017
- Zhang, Wendong, and Kristine Tidgren. 2017. Current Farm Downturn vs. 1920s and 1980s Farm Crisis: An Economic and Legal Comparison. Agricultural Finance Review, August 2017
- Zhang, Wendong. 2016. How Tight is the Iowa Farmland Supply? Ag Decision Maker Newsletter. Iowa State University Extension and Outreach, October 2016
- Zhang, Wendong. 2015. Who Buys and Rents Iowa’s Farmland? Proceedings of 2015 Integrated Crop Management Conference. Iowa State University Extension and Outreach, November 2015
Soil Management and Land Valuation Conference
- Details about the 2023 SMLV conference can be found here
- 2023 marks the 95th anniversary of this longest-running conference at ISU
- This year’s program examined several current issues in rural property management, appraisal, and sale/purchase, as well as agricultural policy. Current issues and their implications to soil management and land valuation were presented by leading experts in (1) agricultural policy and economy outlook, (2) panel discussion on soil health science, policy, and practice, (3) weather outlook and its impacts on agricultural production, (4) the threat of animal disease outbreaks and the government responses to them, and (5) legal updates on the federal and state law and tax changes affecting agriculture and land values.
Data Sources for Land Values
- Land Auction Prices
- Hertz Auctions (updated periodically since November 2011)
- Farmers National Auctions (updated periodically since January 2011)
- Peoples Company Auctions (updated monthly since September 2015)
- Dream Dirt
- Stalcup Ag Services
- Corporate Farmland Price Index
- NCREIF farmland returns (updated quarterly)
- Peak Soil Index (state-level index updated daily since February 2005)
- Zillow-Style Corporate Sites on Farmland Value
- FarmlandFinder
- AcreValue from Granular
- Beacon – Iowa Assessors
- www.DollarsAndDirt.com (county-level market information)
- Surveys
- RLI Survey (last update: September 2020)
- Chicago Fed Survey - 7th district (last update: November 2020)
- USDA NASS Survey (last update: August 2020)
- CARD Iowa State University Land Value Survey (last update: December 2019)
- Ag Decision Maker Land Values