Annual Iowa Farmland Survey Results Show Slower Growth in Farmland Values for 2023

Dec 12, 2023

Positive Growth in Iowa Farmland Values: A 3.5% Increase in 2023

Today, on December 12th, the eagerly awaited findings of the 2023 ISU Land Value Survey were unveiled. This annual report has been a staple since 1950, providing valuable insights into Iowa’s farmland values across all 99 counties. The survey is a key resource for understanding the dynamics of land prices in the state and how they evolve year after year.

Compiled by a diverse group of professionals, including auctioneers, real estate land agents, farm appraisers, and farm managers, the survey revealed a small uptick. From November 2022 to November 2023, Iowa witnessed a 3.5% increase in land prices. This translates to a $424 per acre rise, bringing the average price of Iowa Farmland to $11,835 per acre.

It’s crucial to note that the ISU Land Value Survey is an opinion survey, not a direct reflection of actual sale prices. Despite this, it serves as a valuable indicator of the sentiment among industry experts, offering a comprehensive view of the trends shaping Iowa’s agricultural landscape. The positive growth observed in 2023 underscores the resilience and strength of Iowa’s farmland market.

What is Farmland Worth in Iowa?

Curious about the worth of farmland in Iowa? The recently released survey provides a comprehensive breakdown.

According to the findings, high-quality land in Iowa commands an impressive $14,296 per acre. In comparison to 2022, high-quality cropland in the state has experienced a 3.5% increase, equating to a substantial $479 per acre increase.

For medium-quality land, the rise is even more pronounced, with a 3.8% increase translating to an average of $11,075 per acre—a notable increase of $401. Even low-quality land saw a positive shift from 2022, reaching an average price of $7,664 per acre. This marks a 4% increase or $296 per acre.  Overall, adjusting for inflation, farmland prices in the 2023 survey were only 0.5% higher than 2022.

2023 was an up and down market.  After 46% price appreciation in Iowa farmland during 2021 and 2022 the train was likely to slow down.  Iowa land prices were pressured by higher interest rates and lower commodity price in 2023. We saw a definite reduction in overall demand at least in numbers of buyers, however enough buyers remained in the market to achieve market prices at or above 2022.  Will this trend intensify into 2024?  It seems likely given demand reductions became more noticeable toward the end of the year.

These figures highlight the nuanced dynamics of Iowa’s farmland market, where the recent trends suggest a softening in the land market. While the upward trajectory might have slowed down in 2023, the resilience observed across various land qualities indicates the ability of Iowa’s agricultural sector to adapt and navigate changing market conditions.

2023 Iowa land values

Average Dollars Per Acre Price of Farm and Land in Iowa

To the right you will see a map and data table below of the current average dollars per acre price of each county in Iowa.

The average value of land actually dropped in the highest value counties across the state of Iowa.  Notably Northwest Iowa experienced the highest number of counties with losses in land value in Lyon, O’Brien, Osceola, Dickinson, Emmet, Clay and Buena Vista.  East Central Iowa had 4 counties Linn, Jones, Cedar, Clinton and the highest loss in the state Scott County at -3.9%

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 this form and our team will get the process started!

iowa land price graphic for 2023

Is The Iowa Farmland Market Strong?

Many counties gained value. The strongest gains were in the counties with the lowest farmland values.  There is an inverse relationship between values and gains in this study.  We always see farmland prices begin to rise in Northwest Iowa and decline in Northwest Iowa.  Nearly every cycle has shown South Central Iowa taking a significant gain in price appreciation when Northwest Iowa begins to lose value.  That was the case again with this report.

Do losses in these counties mean it is a bad time to sell farmland?  When you consider the losses in most cases were 0.4% to 1.3% in Northwest Iowa and 0.4% to 3.9% in East Central Iowa but gains ranged up to 12.9% in some counties along with the survey showing inflation adjusted values from 2022 to 2023 were positive 0.5% statewide you are not talking about a significant difference in selling prices.  In fact, most selling prices are not noticeable different and these values are averages.  Just last week we sold a farm for nearly $6000 above the state new average.  Statewide the Iowa average price of farmland in 2023 was $11,835 which is $424 higher than last year.  Differences will be locally noted but as a state the farmland market remains in a stable position.

Average Price of Land In Iowa Counties

County Average Dollars Per Acre 2023 Price 2022 $/Acre $ Change 2022-2023 % Change 2022-2023 Rank $/Acre Average CSR2 2023 Price per CSR2
Adair County, Iowa $8,910 8,599 $311 3.62 84 79 $112.78
Adams County, Iowa $7,804 7,380 $424 5.75 91 79 $98.78
Allamakee County, Iowa $8,994 8,719 $275 3.15 83 79 $113.85
Appanoose County, Iowa $6,353 5,626 $727 12.92 98 74 $85.85
Audubon County, Iowa $12,588 12,301 $287 2.33 45 77 $163.48
Benton County, Iowa $13,106 12,673 $433 3.42 35 85 $154.19
Black Hawk County, Iowa $14,202 13,591 $611 4.50 11 85 $167.08
Boone County, Iowa $13,621 13,088 $533 4.07 24 87 $156.56
Bremer County, Iowa $13,617 13,069 $548 4.19 25 87 $156.52
Buchanan County, Iowa $13,152 12,673 $479 3.78 33 82 $160.39
Buena Vista County, Iowa $14,648 14,709 -$61 -0.41 6 87 $168.37
Butler County, Iowa $12,595 12,106 $489 4.04 44 81 $155.49
Calhoun County, Iowa $14,426 14,059 $367 2.61 7 84 $171.74
Carroll County, Iowa $13,710 13,682 $28 0.20 23 80 $171.38
Cass County, Iowa $10,821 10,530 $291 2.76 74 79 $136.97
Cedar County, Iowa $12,732 12,779 -$47 -0.37 38 86 $148.05
Cerro Gordo County, Iowa $12,295 11,868 $427 3.60 51 82 $149.94
Cherokee County, Iowa $14,162 14,140 $22 0.16 14 90 $157.36
Chickasaw County, Iowa $12,122 11,627 $495 4.26 52 84 $144.31
Clarke County, Iowa $7,128 6,354 $774 12.18 95 73 $97.64
Clay County, Iowa $13,887 13,943 -$56 -0.40 19 71 $195.59
Clayton County, Iowa $10,923 10,589 $334 3.15 73 71 $153.85
Clinton County, Iowa $11,665 11,886 -$221 -1.86 61 74 $157.64
Crawford County, Iowa $13,274 13,060 $214 1.64 29 73 $181.84
Dallas County, Iowa $12,406 11,957 $449 3.76 48 89 $139.39
Davis County, Iowa $7,772 6,967 $805 11.55 92 76 $102.26
Decatur County, Iowa $6,286 5,566 $720 12.94 99 73 $86.11
Delaware County, Iowa $13,924 13,614 $310 2.28 18 78 $178.51
Des Moines County, Iowa $11,131 10,071 $1,060 10.53 71 85 $130.95
Dickinson County, Iowa $13,156 13,334 -$178 -1.33 32 87 $151.22
Dubuque County, Iowa $12,659 12,351 $308 2.49 40 69 $183.46
Emmet County, Iowa $13,405 13,454 -$49 -0.36 27 81 $165.49
Fayette County, Iowa $13,197 12,730 $467 3.67 31 79 $167.05
Floyd County, Iowa $11,929 11,394 $535 4.70 54 85 $140.34
Franklin County, Iowa $12,641 12,331 $310 2.51 41 84 $150.49
Fremont County, Iowa $10,139 9,904 $235 2.37 79 81 $125.17
Greene County, Iowa $12,897 12,536 $361 2.88 36 82 $157.28
Grundy County, Iowa $14,231 13,649 $582 4.26 10 88 $161.72
Guthrie County, Iowa $11,418 11,056 $362 3.27 66 83 $137.57
Hamilton County, Iowa $14,403 13,949 $454 3.25 9 86 $167.48
Hancock County, Iowa $12,603 12,291 $312 2.54 43 82 $153.70
Hardin County, Iowa $13,353 12,931 $422 3.26 28 85 $157.09
Harrison County, Iowa $11,905 11,557 $348 3.01 55 73 $163.08
Henry County, Iowa $10,268 9,290 $978 10.53 78 81 $126.77
Howard County, Iowa $11,102 10,659 $443 4.16 72 83 $133.76
Humboldt County, Iowa $14,014 13,691 $323 2.36 16 86 $162.95
Ida County, Iowa $13,736 13,512 $224 1.66 22 81 $169.58
Iowa County, Iowa $11,768 10,959 $809 7.38 58 79 $148.96
Jackson County, Iowa $11,158 11,100 $58 0.52 69 68 $164.09
Jasper County, Iowa $12,083 11,147 $936 8.40 53 80 $151.04
Jefferson County, Iowa $8,643 7,821 $822 10.51 85 76 $113.72
Johnson County, Iowa $13,141 12,535 $606 4.83 34 83 $158.33
Jones County, Iowa $11,801 11,991 -$190 -1.58 57 77 $153.26
Keokuk County, Iowa $10,003 9,135 $868 9.50 80 80 $125.04
Kossuth County, Iowa $13,754 13,562 $192 1.42 21 84 $163.74
Lee County, Iowa $10,489 9,391 $1,098 11.69 76 77 $136.22
Linn County, Iowa $13,210 13,330 -$120 -0.90 30 86 $153.60
Louisa County, Iowa $11,474 10,970 $504 4.59 65 80 $143.43
Lucas County, Iowa $6,631 5,872 $759 12.93 97 76 $87.25
Lyon County, Iowa $15,352 15,557 -$205 -1.32 3 80 $191.90
Madison County, Iowa $9,720 9,282 $438 4.72 81 85 $114.35
Mahaska County, Iowa $10,453 9,461 $992 10.49 77 79 $132.32
Marion County, Iowa $10,697 9,580 $1,117 11.66 75 79 $135.41
Marshall County, Iowa $12,404 11,728 $676 5.76 50 82 $151.27
Mills County, Iowa $11,158 10,900 $258 2.37 70 82 $136.07
Mitchell County, Iowa $12,538 11,975 $563 4.70 46 87 $144.11
Monona County, Iowa $11,253 10,887 $366 3.36 67 71 $158.49
Monroe County, Iowa $7,993 7,170 $823 11.48 90 74 $108.01
Montgomery County, Iowa $9,314 9,099 $215 2.36 82 79 $117.90
Muscatine County, Iowa $11,734 11,698 $36 0.31 59 82 $143.10
O'Brien County, Iowa $16,313 16,531 -$218 -1.32 2 94 $173.54
Osceola County, Iowa $14,170 14,360 -$190 -1.32 13 86 $164.77
Page County, Iowa $8,493 8,296 $197 2.37 86 80 $106.16
Palo Alto County, Iowa $13,525 13,448 $77 0.57 26 82 $164.94
Plymouth County, Iowa $15,214 14,965 $249 1.66 5 82 $185.54
Pocahontas County, Iowa $14,181 13,961 $220 1.58 12 82 $172.94
Polk County, Iowa $12,678 11,947 $731 6.12 39 90 $140.87
Pottawattamie County, Iowa $12,473 12,145 $328 2.70 47 79 $157.89
Poweshiek County, Iowa $11,702 10,884 $818 7.52 60 79 $148.13
Ringgold County, Iowa $7,139 6,541 $598 9.14 94 68 $104.99
Sac County, Iowa $14,425 14,397 $28 0.19 8 86 $167.73
Scott County, Iowa $15,338 16,968 -$1,630 -9.61 4 87 $176.30
Shelby County, Iowa $12,750 12,372 $378 3.06 37 72 $177.08
Sioux County, Iowa $16,521 16,516 $5 0.03 1 88 $187.74
Story County, Iowa $13,999 13,442 $557 4.14 17 87 $160.91
Tama County, Iowa $12,406 11,791 $615 5.22 49 84 $147.69
Taylor County, Iowa $7,158 6,776 $382 5.64 93 81 $88.37
Union County, Iowa $8,090 7,416 $674 9.09 89 83 $97.47
Van Buren County, Iowa $8,321 7,455 $866 11.62 88 75 $110.95
Wapello County, Iowa $8,489 7,687 $802 10.43 87 80 $106.11
Warren County, Iowa $11,164 10,193 $971 9.53 68 84 $132.90
Washington County, Iowa $12,610 11,515 $1,095 9.51 42 82 $153.78
Wayne County, Iowa $6,711 5,943 $768 12.92 96 67 $100.16
Webster County, Iowa $13,795 13,368 $427 3.19 20 84 $164.23
Winnebago County, Iowa $11,870 11,577 $293 2.53 56 80 $148.38
Winneshiek County, Iowa $11,534 11,127 $407 3.66 64 78 $147.87
Woodbury County, Iowa $11,597 11,230 $367 3.27 62 73 $158.86
Worth County, Iowa $11,582 11,182 $400 3.58 63 82 $141.24
Wright County, Iowa $14,050 13,720 $330 2.41 15 85 $165.29
Iowa Land Average Per Acre Price $11,835 $11,411 $424 3.72
Jason J Smith, Auctioneer

Jason J Smith, Auctioneer

515-537-6633

Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across Iowa.  Jason has worked with hundreds of clients to create advantageous outcomes.  If you are selling land schedule a consultation with Jason by calling or using the calendar.

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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