Insights from the REALTORS® Land Institute: Understanding Iowa’s Farmland Market Trends
Iowa Land Price Trends
At DreamDirt Auctions, we’re committed to keeping our audience of landowners informed about the latest developments in the agricultural real estate market. Today, we’re excited to share insights from the REALTORS® Land Institute – Iowa Chapter’s March 2024 Land Trends and Values Survey. This survey, conducted by specialists in farmland, provides valuable data and analysis on the current state of the Iowa farmland market.
Key Findings: The survey participants, who specialize in farm and land sales, management, development, and appraisal, were asked to estimate the average value of bare, unimproved farmland as of March 1, 2024. Here are the key findings from the survey:
Statewide Average Decrease: The results indicate a 3.1% decrease in the statewide average value of tillable acres from September 2023 to March 2024. This decline follows a 0.2% decrease observed from March 2023 to September 2023, resulting in a 12-month decrease of 3.3% for the State of Iowa.
Stabilization of Market: After a period of rapid growth, the tillable land market has now stabilized and experienced a slight softening. Pastureland and timberland values also witnessed minor decreases over the six-month period, reflecting the trend of tillable acres.
Market Characterization: Survey respondents described the market as “tentative” and “selective,” yet surprisingly stable. Despite lower net farm incomes compared to recent years, the lower supply of land available for sale has helped maintain values.
Active Participants: Local farmer buyers remain the most active participants in the market, with investor interest showing signs of slowing down.
What is Your Iowa Farmland Worth?
It’s worth noting that the REALTORS® Land Institute – Iowa Chapter has been conducting farmland value surveys in March and September since 1978. These surveys, along with the RLI Farm and Ranch Multiple Listing Service, are vital resources provided by REALTORS® specializing in agricultural land brokerage on a daily basis.
The findings from the March 2024 Land Trends and Values Survey offer valuable insights into the current dynamics of the Iowa farmland market. As a trusted resource for landowners, DreamDirt (REALTORS® Land Institute fellow member) is committed to keeping you informed about trends and developments that may impact your agricultural real estate investments. If you’re curious about learning what your farm is worth and are considering selling this year, we encourage you to reach out to us for a free consultation and market analysis report. Our team is here to provide expert guidance and support throughout the selling process, ensuring that you achieve the best possible outcome for your property.
Jason J Smith, Auctioneer
515-537-6633
The Most Valuable Mechanism for You
There is a reason so many farm sellers have relied on DreamDirt to sell their farms. We understand Midwestern farmland prices and can spot value quickly. The proper evaluation of your assets by an appraiser is the first step and often the foundation of your decision-making when selling farmland real estate. We have developed the tools leveraging the right data on Midwest farmland prices and machinery sales to produce accurate results. Thus, we are able to pinpoint selling prices so our sellers walk away with peace of mind.
We would be happy to provide you with a market analysis to help you understand the value of your farm! Whether you’re ready to start the selling process, or even remotely curious, we will gladly provide this to you! Please fill out the form below and our team will get the process started!
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