Iowa farmland is increasing in value. | Pexels
Iowa farmland is increasing in value. | Pexels
A recent survey indicates Iowa farmers are paying nearly 19% more for farmland since March 2021.
The bi-annual survey conducted by the Iowa Chapter of the Realtors Land Institute gathered information on farmland quantified as high-, medium- or low-quality tillable; pastureland, and rangeland from nine crop reporting districts, Successful Farming reported. It showed the average price for "good" farmland was 18.8%.
Surveys are taken twice a year with the most recent increase occurring since March.
“Year over year, the survey shows a 26.6% increase in farmland values across the state,” said Matt Vegter, real estate salesman at Hertz Real Estate Services of Nevada, Iowa, and a member of the Iowa Chapter of the institute. “That’s pretty hefty for Iowa ag land.”
The average value per acre in March was $10,221. The value increased to $12,182, the Associated Press reported Oct. 2. Historically low-interest rates, favorable commodity prices and anticipation of a good fall crop contributed to the increase along with concerns about inflation.
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