Statewide Iowa Farmland Prices in 2023 Annual Report
2022 – 2023 Iowa Farmland Prices
Iowa Land Value Survey
I always preface this information with the idea that it is derived from a survey and not actual farmland price or auction results. You will find differences in these numbers as the numbers we present, since we are presenting values multiple different ways. Some of the following numbers include values derived from actual auction results which you can find on our Current Iowa Farmland Prices page and from the survey. Furthermore, the numbers and values presented here are averages, they work for just that too. On a statewide basis for a general picture you’ll see its probably as good of a system as you can have outside of actual results. An experienced eye might use the pattern of results year over year to time investment, divestment, or to gain an understanding of the current farm economy. It’s always important to note that each farm is unique and to really drill down on the value of your own farmland. A trained professional can best apply the human knowledge and judgement necessary to arrive at the most accurate estimation.
Jason J Smith
Auctioneer & Land Broker
Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across this Midwest. 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.
Phone: 515-537-6633
| Average Price of Farmland In Iowa 2022-2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| County Name | 2022 $/Acre | 2021 $/Acre | $ Change | % Change 2022-23 | County Name | 2022 $/Acre | 2021 $/Acre | $ Change | % Change 2022-23 | |
| Adair County | $8599 | $7159 | $1441 | 20.1% | Jefferson County | $7821 | $7045 | $775 | 11.0% | |
| Adams County | $7380 | $6276 | $1105 | 17.6% | Johnson County | $12535 | $11118 | $1693 | 16.4% | |
| Allamakee | $8719 | $7338 | $1381 | 18.8% | Jones County | $11991 | $10298 | $1693 | 11.4% | |
| Appanoose | $5626 | $5116 | $510 | 10% | Keokuk County | $9135 | $8197 | $938 | 11.4% | |
| Audubon | $12301 | $10194 | $2106 | 20.7% | Kossuth County | $13562 | $11308 | $2254 | 19.9% | |
| Benton County | $12673 | $10911 | $1762 | 16.1% | Lee County | $9391 | $8499 | $892 | 10.5% | |
| Black Hawk | $13591 | $11757 | $1384 | 15.6% | Linn County | $13330 | $11560 | $1770 | 15.3% | |
| Boone County | $13088 | $11177 | $1834 | 17.1% | Louisa County | $10970 | $9724 | $1246 | 12.8% | |
| Bremer County | $13069 | $11251 | $1818 | 16.2% | Lucas County | $10970 | $9724 | $1246 | 12.8% | |
| Buchanan | $12673 | $10930 | $1743 | 15.9% | Lyon County | $15557 | $12905 | $2652 | 20.6% | |
| Buena Vista | $14709 | $12222 | $2487 | 20.3% | Madison County | $9282 | $7839 | $1443 | 18.4% | |
| Butler County | $12106 | $10422 | $1684 | 16.2% | Mahaska County | $9461 | $8522 | $939 | 11.0% | |
| Calhoun County | $14059 | $11897 | $2162 | 18.2% | Marion County | $9580 | $8669 | $911 | 10.5% | |
| Carroll County | $13682 | $11,394 | $2288 | 20.1% | Marshall County | $11728 | $10174 | $1554 | 15.3% | |
| Cass County | $10530 | $8691 | $1839 | 21.2% | Mills County | $10900 | $8966 | $1934 | 21.6% | |
| Cedar County | $12779 | $11187 | $1592 | 14.2% | Mitchell County | $11975 | $10422 | $1553 | 14.9% | |
| Cerro Cordo | $11868 | $10177 | $1691 | 16.6% | Monona County | $10887 | $9033 | $1854 | 20.5% | |
| Cherokee | $14140 | $11730 | $2410 | 20.5% | Monroe County | $7170 | $6484 | $686 | 10.6% | |
| Chickasaw | $11627 | $10003 | $1624 | 16.2% | Montgomery | $9099 | $7484 | $1615 | 21.6% | |
| Clarke County | $6354 | $5739 | $615 | 10.7% | Muscatine | $11698 | $10258 | $1440 | 14.0% | |
| Clay County | $13943 | $11586 | $2357 | 20.3% | O'Brien County | $16531 | $13713 | $2818 | 20.6% | |
| Clayton County | $10589 | $8911 | $1677 | 18.8% | Osceola County | $14360 | $11911 | $2448 | 20.6% | |
| Clinton County | $11886 | $10221 | $1666 | 16.3% | Page County | $8296 | $6824 | $1472 | 21.6% | |
| Crawford | $13060 | $10835 | $2225 | 20.5% | Palo Alto | $13448 | $11195 | $2253 | 20.1% | |
| Dallas County | $13060 | $10835 | $2225 | 20.5% | Plymouth | $14965 | $12416 | $2549 | 20.5% | |
| Davis County | $6967 | $6302 | $665 | 10.6% | Pocahontas | $13961 | $11686 | $2275 | 19.5% | |
| Decatur County | $5566 | $5062 | $505 | 10.0% | Polk County | $11947 | $10373 | $1574 | 15.2% | |
| Delaware County | $13614 | $11572 | $2042 | 17.6% | Pottawattamie | $12145 | $10019 | $2127 | 21.2% | |
| Des Moines | $10071 | $9073 | $998 | 11.0% | Poweshiek | $10884 | $9593 | $1290 | 13.5% | |
| Dickinson County | $13334 | $11061 | $2273 | 20.6% | Ringgold | $6541 | $5745 | $796 | 13.9% | |
| Dubuque | $12351 | $10425 | $1926 | 18.5% | Sac County | $14397 | $11987 | $2410 | 20.1% | |
| Emmet | $13454 | $11180 | $2274 | 20.3% | Scott County | $15968 | $13852 | $2117 | 15.3% | |
| Fayette County | $12730 | $10833 | $1897 | 17.5% | Shelby County | $12372 | $10237 | $2135 | 20.9% | |
| Floyd County | $11394 | $9916 | $1477 | 14.9% | Sioux County | $16516 | $13701 | $2815 | 20.5% | |
| Franklin County | $12331 | $10406 | $1925 | 18.5% | Story County | $13442 | $11487 | $1955 | 17.0% | |
| Fremont County | $9904 | $8147 | $1758 | 21.6% | Tama County | $11791 | $10194 | $1597 | 157% | |
| Greene County | $12536 | $10603 | $1933 | 18.2% | Taylor County | $6776 | $5756 | $1020 | 17.7% | |
| Grundy County | $13649 | $11724 | $1925 | 16.4% | Union County | $7416 | $6510 | $906 | 13.9% | |
| Guthrie County | $11056 | $9226 | $1829 | 19.8% | Van Buren | $7455 | $6745 | $710 | 10.5% | |
| Hamilton County | $13949 | $11821 | $2128 | 18.0% | Wapello | $7687 | $6939 | $764 | 11.0% | |
| Hancock County | $12291 | $10390 | $1901 | 18.3% | Warren County | $10193 | $9021 | $1172 | 13.0% | |
| Hardin County | $12931 | $10960 | $1972 | 18.0% | Washington | $11515 | $10332 | $1183 | 11.4% | |
| Harrison County | $11557 | $96540 | $1997 | 20.9% | Wayne County | $5943 | $5405 | $539 | 10.0% | |
| Henry County | $9290 | $8369 | $920 | 11.0% | Webster County | $13368 | $11323 | $2045 | 18.1% | |
| Howard County | $10659 | $9168 | $1491 | 16.3% | Winnebago | $11577 | $9786 | $1791 | 18.3% | |
| Humboldt County | $13691 | $11506 | $2186 | 19.0% | Winneshiek | $11127 | $9467 | $1660 | 17.5% | |
| Ida County | $13512 | $11,218 | $2302 | 20.5% | Woodbury | $11230 | $9318 | $1912 | 20.5% | |
| Iowa County | $10959 | $9648 | $1311 | 13.6% | Worth County | $11182 | $9587 | $1595 | 16.6% | |
| Jackson County | $11100 | $9449 | $1651 | 17.5% | Wright County | $13720 | $11535 | $2185 | 18.9% | |
| Jasper County | $11147 | $9889 | $1258 | 12.7% | ||||||
Iowa Farmland Values and County by County Rankings
Ranking Iowa Farmland Prices
I always find this view to be fascinating and it helps settle some of the noise. This chart really tells a story about the value of CSR and can evidence some of the discrepancy we see. If you were to ask most people, “where is the most expensive farmland in Iowa?” They would come up with an answer somewhere in Northwest, Iowa or maybe Scott County. Truth be told in this year’s survey the top three most expensive counties in Iowa are #1 Jackson at $252.27 per CSR2 point, #2 Dubuque County at $251.04 per CSR2 point and #3 Clayton County at $241.21 per point. The 3 most expensive counties based on soil quality all have average CSR2 ratings below 50. The most expensive farmland is in those three counties. Scott County comes in 5th place and Northwest, Iowa doesn’t even show up until you see Lyon County in 7th place. What was the cheapest farmland in Iowa? I guarantee you most people will answer Decatur County. Well known for coming in last place in dollars per acre every year. However, Decatur doesn’t deserve its reputation and is coming in at 83rd place at $138.61 per CSR2 point. While Taylor County is in last place #99 at $115.83 per CSR2 point.
Highest Farmland Per Acre in Iowa
Rank based on dollars per acre puts Scott County in first place at $16,968 per acre and Decatur County in last place at $5,566 per acre. With the exception of Scott, northwest Iowa takes up the next 15 of 16 top spots in the 2022-2023 Iowa land value survey. The average price per acre is over $10,000 per acre in 74 of 99 Counties. Fremont County is the first county in the ranking to be below $10,000 per acre average. The bottom 25 counties have an average land value below $10,000 per acre and with the exception of Allamakee County in 83rd place 24 of the 25 counties are south of Interstate 80 in Iowa. None of this is surprising to me, but it does help put some numbers to help you envision the market better.
Below is a table with a quick glance you can find rankings based on value of Iowa farmland.
| County in Iowa | Average County CSR2 | Rank In CSR2 | Price Per Acre of Farmland | Rank $ Per Acre | $/CSR2 | Rank $ CSR |
|---|---|---|---|---|---|---|
| Adair County | 64 | 66 | $8,599.00 | 84 | $134.36 | 89 |
| Adams County | 61.1 | 77 | $7,380.00 | 90 | $120.79 | 94 |
| Allamakee County | 40.8 | 98 | $8,719.00 | 83 | $213.70 | 5 |
| Appanoose County | 46.7 | 93 | $5,626.00 | 98 | $120.47 | 95 |
| Audubon County | 69.3 | 53 | $12,301.00 | 41 | $177.50 | 29 |
| Benton County | 78.9 | 19 | $12,673.00 | 34 | $160.62 | 60 |
| Black Hawk County | 73.9 | 40 | $13,591.00 | 19 | $183.91 | 19 |
| Boone County | 75.5 | 33 | $13,088.00 | 28 | $173.35 | 41 |
| Bremer County | 75.5 | 33 | $13,069.00 | 29 | $173.10 | 42 |
| Buchanan County | 75.8 | 31 | $12,673.00 | 34 | $167.19 | 52 |
| Buena Vista County | 83.4 | 5 | $14,709.00 | 6 | $176.37 | 31 |
| Butler County | 74.6 | 37 | $12,106.00 | 44 | $162.28 | 59 |
| Calhoun County | 82.2 | 7 | $14,059.00 | 10 | $171.03 | 46 |
| Carroll County | 76.5 | 30 | $13,682.00 | 16 | $178.85 | 25 |
| Cass County | 69.5 | 52 | $10,530.00 | 72 | $151.51 | 74 |
| Cedar County | 76.9 | 27 | $12,779.00 | 32 | $166.18 | 55 |
| Cerro Gordo County | 74.6 | 37 | $11,868.00 | 50 | $159.09 | 64 |
| Cherokee County | 82.2 | 7 | $14,140.00 | 9 | $172.02 | 44 |
| Chickasaw County | 77.2 | 23 | $11,627.00 | 54 | $150.61 | 75 |
| Clarke County | 47.2 | 92 | $6,354.00 | 95 | $134.62 | 88 |
| Clay County | 79.9 | 13 | $13,943.00 | 13 | $174.51 | 37 |
| Clayton County | 43.9 | 96 | $10,589.00 | 71 | $241.21 | 3 |
| Clinton County | 63 | 70 | $11,886.00 | 49 | $188.67 | 15 |
| Crawford County | 68.6 | 54 | $13,060.00 | 30 | $190.38 | 13 |
| Dallas County | 76.6 | 29 | $11,957.00 | 47 | $156.10 | 67 |
| Davis County | 46.7 | 93 | $6,967.00 | 92 | $149.19 | 77 |
| Decatur County | 40.1 | 99 | $5,566.00 | 99 | $138.80 | 83 |
| Delaware County | 65.1 | 63 | $13,614.00 | 18 | $209.12 | 6 |
| Des Moines County | 67 | 62 | $10,071.00 | 74 | $150.31 | 76 |
| Dickinson County | 79.9 | 13 | $13,334.00 | 26 | $166.88 | 53 |
| Dubuque County | 49.2 | 89 | $12,351.00 | 39 | $251.04 | 2 |
| Emmet County | 77.2 | 23 | $13,454.00 | 22 | $174.27 | 38 |
| Fayette County | 68.2 | 57 | $12,730.00 | 33 | $186.66 | 17 |
| Floyd County | 79.5 | 15 | $11,394.00 | 58 | $143.32 | 82 |
| Franklin County | 79.4 | 17 | $12,331.00 | 40 | $155.30 | 68 |
| Fremont County | 72.1 | 45 | $9,904.00 | 75 | $137.36 | 86 |
| Greene County | 78.3 | 21 | $12,536.00 | 36 | $160.10 | 63 |
| Grundy County | 86.9 | 2 | $13,649.00 | 17 | $157.07 | 66 |
| Guthrie County | 61.4 | 74 | $11,056.00 | 64 | $180.07 | 23 |
| Hamilton County | 79.1 | 18 | $13,949.00 | 12 | $176.35 | 32 |
| Hancock County | 74.6 | 37 | $12,291.00 | 42 | $164.76 | 56 |
| Hardin County | 79.5 | 15 | $12,931.00 | 31 | $162.65 | 58 |
| Harrison County | 61.2 | 76 | $11,557.00 | 56 | $188.84 | 14 |
| Henry County | 63.8 | 67 | $9,290.00 | 79 | $145.61 | 80 |
| Howard County | 76.9 | 27 | $10,659.00 | 70 | $138.61 | 85 |
| Humboldt County | 80.3 | 11 | $13,691.00 | 15 | $170.50 | 47 |
| Ida County | 77.1 | 25 | $13,512.00 | 21 | $175.25 | 34 |
| Iowa County | 62.5 | 72 | $10,959.00 | 66 | $175.34 | 33 |
| Jackson County | 44 | 95 | $11,100.00 | 63 | $252.27 | 1 |
| Jasper County | 68.5 | 55 | $11,147.00 | 61 | $162.73 | 57 |
| Jefferson County | 61 | 78 | $7,821.00 | 86 | $128.21 | 93 |
| Johnson County | 65 | 64 | $12,535.00 | 37 | $192.85 | 11 |
| Jones County | 62.2 | 73 | $11,991.00 | 45 | $192.78 | 12 |
| Keokuk County | 63 | 70 | $9,135.00 | 81 | $145.00 | 81 |
| Kossuth County | 78.2 | 22 | $13,562.00 | 20 | $173.43 | 40 |
| Lee County | 52.3 | 86 | $9,391.00 | 78 | $179.56 | 24 |
| Linn County | 68.1 | 59 | $13,330.00 | 27 | $195.74 | 9 |
| Louisa County | 63.7 | 68 | $10,970.00 | 65 | $172.21 | 43 |
| Lucas County | 43.8 | 97 | $5,872.00 | 97 | $134.06 | 90 |
| Lyon County | 75.1 | 35 | $15,557.00 | 4 | $207.15 | 7 |
| Madison County | 60.8 | 79 | $9,282.00 | 80 | $152.66 | 70 |
| Mahaska County | 68.2 | 57 | $9,461.00 | 77 | $138.72 | 84 |
| Marion County | 59.7 | 80 | $9,580.00 | 76 | $160.47 | 61 |
| Marshall County | 75.7 | 32 | $11,728.00 | 52 | $154.93 | 69 |
| Mills County | 71.8 | 46 | $10,900.00 | 67 | $151.81 | 72 |
| Mitchell County | 80.9 | 10 | $11,975.00 | 46 | $148.02 | 79 |
| Monona County | 59.1 | 82 | $10,887.00 | 68 | $184.21 | 18 |
| Monroe County | 48.3 | 91 | $7,170.00 | 91 | $148.45 | 78 |
| Montegomery County | 70.3 | 49 | $9,099.00 | 82 | $129.43 | 92 |
| Muscatine County | 64.9 | 65 | $11,698.00 | 53 | $180.25 | 22 |
| O'Brien County | 91.4 | 1 | $16,531.00 | 2 | $180.86 | 21 |
| Osceola County | 86.3 | 3 | $14,360.00 | 8 | $166.40 | 54 |
| Page County | 70.6 | 48 | $8,296.00 | 85 | $117.51 | 96 |
| Palo Alto County | 77 | 26 | $13,448.00 | 23 | $174.65 | 35 |
| Plymouth County | 73.5 | 42 | $14,965.00 | 5 | $203.61 | 8 |
| Pocahontas County | 81.2 | 9 | $13,961.00 | 11 | $171.93 | 45 |
| Polk County | 70.7 | 47 | $11,947.00 | 48 | $168.98 | 49 |
| Pottawattamie County | 68.4 | 56 | $12,145.00 | 43 | $177.56 | 28 |
| Poweshiek County | 67.9 | 61 | $10,884.00 | 69 | $160.29 | 62 |
| Ringgold County | 50.2 | 88 | $6,541.00 | 94 | $130.30 | 91 |
| Sac County | 82.8 | 6 | $14,397.00 | 7 | $173.88 | 39 |
| Scott County | 72.4 | 44 | $16,968.00 | 1 | $234.36 | 4 |
| Shelby County | 69.9 | 51 | $12,372.00 | 38 | $177.00 | 30 |
| Sioux County | 85.3 | 4 | $16,516.00 | 3 | $193.62 | 10 |
| Story County | 80.2 | 12 | $13,442.00 | 24 | $167.61 | 51 |
| Tama County | 70.3 | 49 | $11,791.00 | 51 | $167.72 | 50 |
| Taylor County | 58.5 | 83 | $6,776.00 | 93 | $115.83 | 99 |
| Union County | 63.2 | 69 | $7,416.00 | 89 | $117.34 | 97 |
| Van Buren County | 49 | 90 | $7,455.00 | 88 | $152.14 | 71 |
| Wapello County | 56.6 | 85 | $7,687.00 | 87 | $135.81 | 87 |
| Warren County | 57.3 | 84 | $10,193.00 | 73 | $177.89 | 27 |
| Washington County | 68 | 60 | $11,515.00 | 57 | $169.34 | 48 |
| Wayne County | 50.7 | 87 | $5,943.00 | 96 | $117.22 | 98 |
| Webster County | 75.1 | 35 | $13,368.00 | 25 | $178.00 | 26 |
| Winnebago County | 72.9 | 43 | $11,577.00 | 55 | $158.81 | 65 |
| Winneshiek County | 59.2 | 81 | $11,127.00 | 62 | $187.96 | 16 |
| Woodbury County | 61.4 | 74 | $11,230.00 | 59 | $182.90 | 20 |
| Worth County | 73.8 | 41 | $11,182.00 | 60 | $151.52 | 73 |
| Wright County | 78.6 | 20 | $13,720.00 | 14 | $174.55 | 36 |
Farmland Prices in Iowa by Region
| Iowa Farmland Region | High Quality Land Value | Moderate Quality Land Value | Low Quality Land Value | Region Average Price per Acre of Farmland | Farmland Price Change2021 to2022 |
|---|---|---|---|---|---|
| Northwest Iowa | $17,121 | $13,710 | $9,569 | $14,878 | +22.3% |
| North Central | $14,271 | $11,171 | $7,849 | $12,449 | +16.7% |
| Northeast Iowa | $13,806 | $11,122 | $8,047 | $11,627 | +16.8% |
| West Central Iowa | $14,821 | $11,654 | $8,161 | $12,411 | +18.6% |
| Central Iowa | $14,720 | $11,527 | $7,927 | $12,582 | +17.1% |
| East Central Iowa | $15,097 | $11,876 | $8,441 | $12,595 | +14% |
| Southwest Iowa | $11,419 | $8,769 | $6,081 | $9,264 | +22.2% |
| South Central Iowa | $9,478 | $6,872 | $4,379 | $6,824 | +13.1% |
| Southeast Iowa | $12,829 | $8,667 | $5,406 | $9,276 | +9.8% |
| Statewide Average | $13,817 | $10,673 | $7,369 | $11,411 | +17% |
Selling Farmland in 2023
November 2022 Rural Mainstreet Report Bullet Points
• The overall index fell below growth neutral for the sixth straight month.
• Economic confidence index plummeted to its lowest level since May 2020.
• Approximately 30.4% of bank CEOs recommend that the Fed cease raising rates.
• Despite the weaker rural outlook, only 13.6% indicated that their bank had increased financial commitments on farm loans.
• For the 26th straight month, the farmland price index climbed above 50.0.
• Approximately, 60.9% of bank CEOs expect farmland prices to plateau at current prices, while 21.7% expect prices to decline over the period.
2023 Commodity Price Outlook Effect on Farmland Values
Now, what is typically the driving factor in farmland values? Commodity prices look reasonable into 2023 and not likely to pressure land prices. In 2022 we saw a peak corn price of $8.18 on April 29th and low of $5.64 on July 22nd. Today the Continuous Contract sits between them at $6.52 with widespread expectations of a price around $6.15. Obviously the Ukraine Russia conflict contributed to 2022 corn prices but in November a diplomatic agreement was reached to allow Ukraine maritime food exports to continue for another 4 months but that was put into question quickly again contributing to a rally in the markets for US product. Global drought has helped to put US grains in a better position. The supply and demand dynamics have dictated a pretty decent position for US Farmers and that may be the very element that prevents a decline. I don’t believe it supports additional appreciation by year end. Now, that is not to say we won’t experience some in the earlier part of the year, but my instinct says if that is the case we are likely to wipe it out by year end.
Summary
It’s neither gloom and doom nor rainbows and sunshine when it comes to farmland prices for 2023. I think it’s set to be a less eventful year that given all outside factors is likely to run sideways. I don’t expect near constant headlines of farmland price records. Finally, that’s actually good news for sellers, we’re more likely to stay where we are for some time opening the window of opportunity for you to sell farmland at or near the market high.
If you intend to sell farmland in 2023, we can help you. Contact us to learn more about opportunities available and learn about our services to help you sell farmland. You can call us at 641-423-6400 or email [email protected]
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