Illinois farmland prices continued their upward curve in the last several years, and it applies to all classes of farmland throughout the state. That’s according to a report issued during the 2023 Illinois Farmland Values Conference sponsored by the Illinois Society of Professional Farm Managers and Rural Appraisers.
Last year continued to see a sharp rise in land values. While certain parts of the state saw more strength than others, Illinois land values were up across the board. Class A land across Illinois rose 45 percent from 2021-2022. While premium acreage always carries the flag, the report says lesser quality acreage saw increases of over 25 percent and, in some instances, over 40 percent during the same period.
The state’s professional farmland managers and appraisers said reduced transactions in 2020, historically-low interest rates, strong demand, increased commodity prices, and overall fear in other economic sectors all play a role in rising prices.