Abstract

Since 1950, the Iowa State University Land Value Survey has been the only data source that provides a county-level land value estimate for each of the 99 counties in Iowa. The 2022 Iowa State University Land Value Survey reported a 17.0% increase to $11,411 per acre for average Iowa farmland values from November 2021 to November 2022. This continues the dramatic surge from last year and the $11,411/acre nominal land value is the highest-ever since data collection began in the 1940s. The 2022 nominal land value is 31% higher than the 2013 peak in nominal land values and the inflation-adjusted values, $9,088/acre in 2015 dollars, saw another 9% increase, topping the previous peaks of 2012 and 2013 inflation-adjusted values. The surge continues to be supported by high commodity prices, limited land supply, stronger-than-expected crop yields, a good farm economy, and ample cash reserves on the farm. All crop reporting districts reported an increase in land values with the Northwest and Southwest districts reporting growth of 20% or more. High-quality land saw a 16.8% increase, while medium- and low-quality land increased 17.7% and 15.2%, respectively. In general, the results from the 2022 Iowa State University Land Value Survey extend the trend of substantially higher farmland values.