Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - December 2024 Report

Illinois Farmland Auction Sales in December 2024

Welcome to Our Monthly Illinois Farmland Value Report

In this monthly report, Rachel Tiffany, Land Broker and Auctioneer dives into Illinois farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers and farmland real estate agents is to provide you with up-to-date information, recent sales data, expert insights, and tips for maximizing the potential value of your farmland sale. Let us answer the questions you have about selling farmland in Illinois. Contact us today for a free consultation.

Recent Farmland Sales Data

Let’s dive into the latest sales data, including county location, land size by acre amount, soil productivity ratings, and sale prices per acre and total price in the table below. By analyzing this data, you can get a clearer picture of how your property may be valued in the current market.

Current Average Price of Farmland in Illinois

• In the month of December 2024, a total of 4,819 acres of 80% or more tillable farms was sold in Illinois by the auction sales method.

• The current average per acre price for land in Illinois according to these December sales is $14,191/acre for farmland in Illinois counties.

• The highest selling farm in Illinois in the month of December sold in Sangamon County, IL sold for a total of $5,246,138 for 314.14 acres. This is a 98% tillable farm and has a 140.8/PI rating which results in $119/PI and $16,700/acre.

  • The highest selling dollars per acre farm sold in Livingston County on December 12th. 76.29 acres sold for $21,800/acre. This farm is 99% tillable and has a 127.8 PI rating which calculates to be $171/PI

• See full results from all farmland sold by auction this month at the end of the blog with graphs from 12 months of data comparing dollars per acre values, number of acres sold throughout the year and dollars per PI averages each month.

Understanding Illinois Farmland Values:

Illinois Farmland Prices: December 2024 Snapshot

The latest Creighton University Rural Mainstreet Index (RMI) survey highlights the economic challenges facing Illinois’ agricultural sector. In December, Illinois’ RMI dropped to 46.5 from 54.3 in November, signaling a slowdown in economic growth. Despite this decline, farmland prices in the state saw a modest increase, with the farmland price index rising to 42.9 from 42.4 in the previous month. However, Illinois’ hiring index declined to 43.1 from 49.1, reflecting a weakening labor market in the agricultural sector.

Encouragingly, Illinois agricultural exports showed resilience amid economic pressures. According to trade data from the International Trade Association (ITA), Illinois exports of agricultural goods and livestock rose to $3.8 billion year-to-date in 2024, up from $3.6 billion during the same period in 2023—a 4.1% increase. Despite this positive growth, concerns remain over persistently low commodity prices. Jeff Bonnett, CEO of Havana National Bank, cautioned that some forecasts suggest commodity prices could remain stagnant through the 2026 crop year, which could pose ongoing financial challenges for farmers.

Broader Economic Trends Impacting Farmland Values

The December RMI revealed a broader regional economic downturn, with the overall index falling to 39.6 from November’s 50.2. Elevated interest rates, higher input costs, and continued weakness in grain prices have put downward pressure on farmland demand. This economic strain is reflected in farm equipment sales, which have dropped for the 17th consecutive month to their lowest level since 2016. Additionally, around 21.7% of surveyed banks reported raising credit standards over the past year, making it more challenging for farmers to secure financing.

Rural bankers remain cautious about the future, with the confidence index slipping to 37.5 from November’s already weak 46.4. As tighter financial conditions and commodity price stagnation persist, Illinois farmers and landowners may need to navigate a challenging landscape in 2025 and beyond.

For more detailed information, visit the Creighton University Rural Mainstreet Economy page.

Rachel Tiffany

Rachel Tiffany

Auctioneer & Land Broker

Rachel is a licensed real estate broker assistant, auctioneer, and farmland agent in Iowa and managing broker and auctioneer in Illinois specializing in the sale of farm, land, and rural residential real estate. She is a graduate of Iowa State University, where she received a Bachelor’s in Animal Science with a minor in Agricultural Business. She is also a graduate of the National Auctioneers Association Certified Auctioneer Institute (CAI) school in March 2023. Rachel is eager to answer your questions, talk with you about your farm, and help you gain a deep understanding of your options as a seller. If you’re considering selling land, or even just curious about your options for the future, please don’t hesitate to reach out to her.

Email: [email protected] | Phone: 515-954-8063

Assessing Your Farm’s Worth:

Illinois Land Market Analysis Appraisal Technique

Curious what your farm could sell for? We prepare market analysis for each of our farmland sellers to help you discover and learn what your farm is worth from our market based research and expertise. Fill out our form here to request a market analysis of your Illinois farmland or call us at 402-739-8696

Current Farmland Prices in Iowa: A 12-Month Overview

Explore the accompanying graph to gain insights into the average farmland prices in Illinois over the past year. In December, the average price per tillable acre deceased slightly to $14,191/acre compared to last month, $14,472/acre for 80% or more tillable farms. A year ago, the average price per tillable acre was $15,141/acre and the current 12 month rolling total average is $13,457. If you’re contemplating selling your farm, feel free to reach out to us for an expert opinion on its current market value.

Average dollars per acre farmland in Illinois Dec 2024

Number of Acres Sold Per Month – 80% or more Tillable Farms

The volume of acres sold in December showed a decrease from last month. In Novmeber, 7,815.35 acres sold in Illinois and in December 4,819.66 acres were sold compared to 4,576.8 acres a year ago. November is typically the busiest time for farmland auctions across the midwest! If you’re contemplating selling, now is an opportune time to connect with us and discuss into the details of the process. Initiate the process today by completing this form, and one of our experienced auctioneers or land brokers will reach out to you promptly!

number of acres sold in Dec 2024 in Illinois

Monthly Illinois Auction Results: Average Price Per PI Point

The price per Productivity Index (PI) point decreased $3 from November to December. Currently it is $107/PI. Comparatively, the price per PI point was $114.40 a year ago. 12 month rolling total is $106/PI.  This metric of soil productivity calculation plays a crucial role in determining the overall value of your farm. If you’re unsure about your farm’s PI soil rating, don’t hesitate to contact us for a soil map and evaluation, especially if you’re considering selling land in Illinois.

Average price per PI Illinois farmland in Dec 2024

RECENT FARMLAND SALES IN ILLINOIS

Date Sold County Total Acres $/Acre Tillable Acres % Tillable Soil Score $/PI Total Price
12/02/2024 Clark 40.00 $10,975 37.63 94.08 105.8 $104 $439,000
12/03/2024 Clay 40.00 $9,700 39.71 99.28 106.1 $91 $388,000
12/03/2024 Fulton 60.60 $12,900 56.70 93.56 135.7 $95 $781,740
12/03/2024 Fulton 80.00 $10,300 75.00 93.75 118.0 $87 $824,000
12/03/2024 Clay 80.00 $9,100 75.00 93.75 106.8 $85 $728,000
12/03/2024 McDonough 162.30 $13,250 150.55 92.76 137.8 $96 $2,150,475
12/03/2024 McDonough 227.47 $10,100 220.00 96.72 127.9 $79 $2,297,447
12/03/2024 Fulton 229.84 $8,100 190.93 83.07 125.2 $65 $1,861,704
12/04/2024 Brown 52.93 $9,000 46.78 88.38 114.6 $79 $476,370
12/05/2024 McDonough 40.00 $21,600 39.80 99.50 137.9 $157 $864,000
12/05/2024 LaSalle 80.00 $14,800 79 98.75 139.4 $106 $1,184,000
12/05/2024 LaSalle 80.00 $14,600 79 98.75 136.6 $107 $1,168,000
12/05/2024 LaSalle 80.00 $14,600 79 98.75 135.4 $108 $1,168,000
12/05/2024 LaSalle 82.00 $12,100 77 93.90 136.4 $89 $992,200
12/06/2024 Coles 69.45 $16,450 67.46 97.13 138.8 $119 $1,142,453
12/09/2024 Warren 76.66 $13,700 69.45 90.59 138.1 $99 $1,050,242
12/09/2024 Tazewell 77.39 $16,100 76.46 98.80 138.6 $116 $1,245,979
12/10/2024 Henderson 28.33 $16,100 28.33 100.00 145.6 $111 $456,113
12/10/2024 LaSalle 65.49 $17,600 64.60 98.64 143.4 $123 $1,152,624
12/10/2024 Kankakee 80.03 $11,400 74.51 93.10 122.4 $93 $912,342
12/10/2024 Douglas 80.25 $13,000 79.22 98.72 139.7 $93 $1,043,250
12/10/2024 Henderson 80.27 $12,700 65.62 81.75 124.5 $102 $1,019,429
12/10/2024 Henderson 80.63 $13,800 74.01 91.79 122.4 $113 $1,112,694
12/10/2024 Henderson 81.10 $15,000 72.83 89.80 138.9 $108 $1,216,500
12/10/2024 Henderson 85.05 $14,800 79.90 93.94 125.5 $118 $1,258,740
12/10/2024 Henderson 131.32 $13,700 122.54 93.31 136.4 $100 $1,799,084
12/10/2024 Douglas 155.00 $16,200 151.36 97.65 139.5 $116 $2,511,000
12/11/2024 Champaign 66.30 $16,550 64.76 97.68 143.1 $116 $1,097,265
12/11/2024 Henry 123.07 $13,200 122.60 99.62 137.9 $96 $1,624,524
12/11/2024 Coles 132.86 $15,200 119.07 89.62 134.9 $113 $2,019,472
12/11/2024 Coles 138.54 $15,200 136.70 98.67 136.9 $111 $2,105,808
12/12/2024 Bureau 30.63 $10,500 30.07 98.17 123.6 $85 $321,615
12/12/2024 Bureau 36.95 $7,800 36.18 97.92 104.2 $75 $288,210
12/12/2024 Bureau 52.49 $14,700 52.49 100.00 136.1 $108 $771,603
12/12/2024 Bureau 69.55 $11,100 67.24 96.68 110.4 $101 $772,005
12/12/2024 Livingston 76.29 $21,800 76.20 99.88 127.8 $171 $1,663,122
12/17/2024 Shelby 60.00 $18,400 59.00 98.33 144.0 $128 $1,104,000
12/17/2024 Piatt 80.00 $17,300 80 100.00 141.2 $123 $1,384,000
12/18/2024 Marshall 27.25 $9,300 25.60 93.94 119.4 $78 $253,425
12/18/2024 McLean 29.16 $14,000 29.16 100.00 137.1 $102 $408,240
12/18/2024 McLean 35.18 $15,100 33.99 96.62 135.9 $111 $531,218
12/19/2024 Bureau 78.65 $18,181 75.35 95.80 143.2 $127 $1,429,900
12/19/2024 Sangamon 108.83 $17,600 105 96.48 141.6 $124 $1,915,408
12/19/2024 Bureau 120.80 $17,829 119.59 99.00 140.4 $127 $2,153,800
12/19/2024 Sangamon 122.45 $11,800 114.72 93.69 133.9 $88 $1,444,910
12/19/2024 Henry 155.00 $14,600 146.99 94.83 137.1 $106 $2,263,000
12/19/2024 Sangamon 157.07 $16,700 156 99.32 140.1 $119 $2,623,069
12/19/2024 Sangamon 160.68 $16,700 159.01 98.96 141.1 $118 $2,683,356
12/19/2024 Sangamon 217.66 $17,600 213.77 98.21 142.0 $124 $3,830,816
12/19/2024 Sangamon 314.14 $16,700 309.00 98.36 140.8 $119 $5,246,138
Totals/Averages 4,819.66 $14,191 4,604.88 95.84 132.2 $107 $69,178,290

Navigating the Selling Process:

Tips for Selling Your Farm in Illinois

Explore a set of practical tips for successfully selling your farmland by downloading our free eBooks here. Schedule a non obligatory consultation with us today and we will cover everything from when is the best time to sell, a customized marketing plan, sales methods, how we can help you find the right buyer, and answer your questions.

Farm Real Estate Experts in Illinois

Meet our team of Illinois farm real estate and auction experts who can provide you with valuable guidance and personalized assistance throughout the selling process. If you’re looking to uncover the true value of your Illinois farm or are considering selling, don’t hesitate to reach out to our experienced team. We’re here to provide you with a customized plan to meet your goals. Contact us today to get started.

 

Call us about selling your Illinois land at 402-739-8696  We can help you safely transition your land ownership using a private sale, public auction or even a private land auction.