Iowa Land Value · Resources
- Questions or Media Contact – Dr. Wendong Zhang
- Dr. Wendong Zhang, an associate 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. Zhang at wdzhang@iastate.edu or call the office at 515-294-2536.
- Upcoming Webinars
- Dr. Zhang will present and discuss the recent farmland market surges in the CropsTV – Season 2.
- Dr. Zhang will be the presenter for an Iowa Farm Bureau webinar “What’s Driving Rising Farmland Values?” on January 6 at 1:00 p.m. CST. Registration is available online now.
- Dr. Zhang will present on land values & US-China update at the Elite Crop Meeting organized by Farmers Coop Society in Sheldon, IA on January 24, 2022.
- Dr. Zhang will present at the Great Lakes Crop Summit at Mt. Pleasant, MI on January 26, 2022.
- 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
- 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:
- Current Trends in Iowa Land Values
- In November 2021, the Federal Reserve Bank of Chicago reported a 28% increase in Iowa‘s “good” farmland values from October 2020 to October 2021.
- In September, the REALTORS Land Institute reported an overall 26.6% increase in Iowa cropland values from September 2020 to September 2021.
- The US Department of Agriculture June Area Survey reported a 9.6% rise in Iowa‘s agricultural real estate values (land and building) from June 2020 to June 2021, which is smaller in magnitude because it did not capture the continued surge from June 2021 to November 2021.
- Iowa State University Farmland Value Survey in December 2021 reported a 29% increase in average Iowa farmland values from November 2020 to November 2021, 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 61% of the surveyed farmers expect higher farmland prices 12 months from now, 35% expect no change in their local land market, and only 4% forecast a decline.
- 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 in light of commodity market rallies.
- The 2021 land value survey conducted by Purdue University reported a 14.1%, 12.5%, and 12.1 % increase for Indiana’s statewide top-, medium-, and low-quality farmland values, respectively, from June 2020 to June 2021. In particular, the top-quality land posted stronger growth of 8.0% from December 2020 to June 2021.
- The quarterly AgLetter report by the Chicago Federal Reserve Bank issued in November 2021 indicated a 13% increase in Illinois, a 28% increase in Iowa, and 10% and 15% growth for Wisconsin and Indiana, respectively, for the period of October 1, 2020, to October 1, 2021. It also reported an overall 6% growth over the last quarter for the seventh district and a 6%–10% increase for Indiana and Iowa land values.
- The quarterly Ag Credit survey conducted by the Kansas City Federal Reserve Bank, published in November 2021, revealed that the values of non-irrigated cropland in western Missouri and Nebraska grew 18% and 16% from the previous year, respectively.
- The Illinois Society of Professional Farm Managers and Rural Appraisers and University of Illinois reported in March 2021 that Illinois land values have been stable for excellent quality land increased 4% from January 2020 to January 2021.
- The February 2021 Nebraska report indicated the average market value of dryland nonirrigated cropland increased by 7% compared to one year earlier.
- Most recent presentations could be found at Dr. Wendong Zhang’s website:
- 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
- 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
- The 2020 SMLV conference was cancelled due to the COVID-19 pandemic.
- 2019 marks the 92nd anniversary of this longest-running conference at ISU
- Website features presentations on topics like Farm Bill, tariffs and agricultural economy, weather, the beef industry, agricultural technology, as well as a panel discussion on the agricultural asset values in uncertain times.
- 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