Edited release
01/10/24
Iowa’s farmland values rose again, albeit at a slower pace than the last two years.
The annual Iowa State University Land Value Survey found that farmland values increased 3.7%, to $11,835 per acre. The modest increase this year follows a 17% increase in 2022 and a near-record 29% increase in 2021. The nominal value of an acre of farmland is again higher this year than at any point since Iowa State began surveying values in 1941.
When adjusting for inflation, the 2023 average value surpasses 2022’s inflation-adjusted values by half a percent.
Rabail Chandio, an assistant professor and extension economist at Iowa State, believes after three years of increases, prices have plateaued. Eighty-seven of Iowa’s 99 counties showed an increase in land values in 2023.