2017 ISU Land Value Survey is Ongoing

  • The ISU Land Value Survey has provided famers and ag professionals with county-level farmland value estimates for over 50 years, and now we are conducting the 2017 survey. If participated before but did not receive the survey either online or via mail, or if you are an ag professional knowledgeable about Iowa farmland market and willing to participate, please contact Dr. Wendong Zhang at wdzhang@iastate.edu or call 515-294-1183.
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Iowa Land Value: Most Current Results

  • Recent Analysis of Land Value Trends
  • Current Trends in Iowa Land Values
    • Realtor Land Institute reported in September 2017 a 2% increase in Iowa cropland values from March 2017 to September 2017, which constitutes a 2.9% decline from September 2016 to September 2017.
    • Federal Reserve of Chicago quarterly AgLetter in August 2017 reported a 2% increase in Iowa‘s “good” farmland values from April 1st, 2017 to July 1st, 2017, which represents a 3% increase from July 1st, 2016 to July 1st, 2017: In particular, northeast and central Iowa saw a 3% and 5% increase over the last quarter, respectively, and western Iowa saw a 1% decrease in land value from April to July 2017.
    • U.S. Department of Agriculture June Area Survey reported a 1.9% increase in Iowa‘s agricultural real estate values (land and building) from June 2016 to June 2017. In particular, Iowa cropland values increased 1.3% while the pastureland values decreased by 2.9% from June 2016 to June 2017.
    • Iowa State University Farmland Value Survey in December 2016 reported a 5.9% decline in average Iowa farmland values from November 2016 to November 2017.
  • Expectations about Future Land Values
    • Monthly Purdue/CME Group Ag Economy Barometer reported that while the majority of producer respondents in August 2017 still expect the decline in farmland market to continue in the next 12 months, but the share of respondents who expect an increase in land value increased in August 2017 compared to previous months.
    • Participants at the 2017 90th annual Soil Management and Land Valuation conference expected a stabilization in Iowa‘s farmland market in late 2017 throughout 2018, but may rebound a bit in the medium run before 2020.

Current Trends in Land Market in Other States

  • Federal Reserve of Chicago quarterly AgLetter in August 2017 reported a 1% increase in the seventh district “good” farmland values from April 1st, 2017 to July 1st, 2017. In particular, Illinois land value remained flat while land value in Indiana land value saw 2% increase from April to July 2017.
  • Purdue University Land Value and Cash Rent Survey reported in August 2017 that for the state of Indiana, top quality land remained steady from June 2016 to June 2017 (an increase of 0.2%), while average and poor quality farmland experienced modest declines of 1.6% and 1.4%, respectively.
  • Federal Reserve Bank of Kansas City Ag Credit Survey reported in August 2017 that the value of farmland in the tenth district declined in each District state for most types of land in the second quarter of 2017 from a year ago: the non-irrigated land values decreased 7 percent in Kansas and 8 percent in Nebraska, the value of irrigated cropland decreased 11 percent in the Mountain States and continued to decline at a modest pace around 7-8 percent in Nebraska and Kansas.
  • Illinois Society of Professional Farm Managers and Rural Appraisers and University of Illinois reported in March 2017 that there is persistent land value declines in the land of all quality from January 1st, 2016 to January 1st, 2017. In particular, there is 5% decline in excellent quality land, 6% decline in good quality land, 12% decrease in average quality land, and 14% decrease in fair quality land.

2016 ISU Land Value Survey Results

Average Iowa farmland value has shown a decline for the third year in a row—the first time this has happened since the 1980s farm crisis—and is now estimated to be $7,183 per acre. The statewide per acre value declined $450, or 5.9 percent, since November, 2015. Farmland values hit a historic high in 2013, but have steadily declined since then. The statewide average value for an acre of farmland is now about 17.5 percent lower than 2013 values.

Three minute highlights of the 2016 survey results

2016 Land Value Survey Resources