Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - January 2024 Report
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.
Understanding Illinois Farmland Values:
Factors Influencing Farmland Values in Illinois
Illinois’s agricultural landscape is influenced by a multitude of factors. In this blog, we will explore how commodity prices, interest rates, government policies, and regional conditions impact the current market values.
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.
Average Price of Farmland in Illinois
• In the month of January, a total of 3840.1 acres were sold in Illinois by the auction sales method.
• The current average per acre price for land in Illinois according to these January sales is $12,097/acre.
• The highest selling farm in Illinois in the month of Januray 2024 sold on January 30th in Champaign County for $2,775,986 or $17,040 per acre for 162.9 acres, with a PI of 139.6.
• The farm with the highest selling per acre price also sold on December 30th in Hancock County for $21,400 per acre for 79.9 acres, with a PI of 145.5.
• See full results from all farmland sold this month at the end of the page.
Despite the notable surge in land values observed a year ago, which was driven by strong commodity markets, the momentum has since tapered off. However, the present trend suggests that these values are holding steady. Notably, in the face of high interest rates, there has been an increase in lending, as reported by the Federal Reserve Bank of Kansas City.
Market Trends and Future Projections:
Illinois Land Market Trends
Each month we like discuss current trends in Illinois farmland sales, highlighting patterns, emerging opportunities, and potential challenges.
According to Creighton University Rural Mainstreet Index (RMI) Survey, in January, Illinois saw an increase in the Rural Mainstreet Index (RMI), rising to 50.0 from December’s 46.5. However, the state’s farmland price index experienced a decline, dropping to 63.0 from 66.3 in December. Additionally, the new hiring index for January dipped to 49.1 from December’s 49.7.
According to data from the U.S. Bureau of Labor Statistics (BLS), over the past 12 months, Illinois’ Rural Mainstreet economy expanded employment by 1.7%. In contrast, employment growth in the state’s urban areas was more subdued, with an increase of 0.8%.
Our data proves the trend that sales are slowing as we head into 2024. Overall, the market has experienced about a 35% decrease in volume of sales. Additionally, lower commodity prices may tighten profit margins in the next growing season, influencing investor behavior. However, with low supply, demand for premium farms remains consistent across the corn belt.
According to the USDA-National Agricultural Statistics Services (USDA-NASS) survey released in February 2023, Illinois’s farm real estate value experienced a 4.5% increase, averaging $9,300 per acre—an annual growth of $400.50/acre. These statistics highlight the steady growth and market dynamics within Illinois’s agricultural real estate landscape in 2023.
Future Predictions for Farmland Values
Here you will gain insights into the future of Illinois’s farmland market with our expert forecasts. Understand what to expect in the coming months and years. Here’s what we are predicting:
Land sale values have stabilized since late summer 2023, and the overall number of land sales in Illinois for 2023 decreased by approximately 35% compared to 2022. However, due to sustained demand for quality farmland coupled with limited supply, we anticipate a continued trend of prices stabilizing in 2024, without expecting a significant drop or dramatic increase in land values.
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.
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
| County | Total Acres | $/Acre | Tillable Acres | $/Tillable Acre | PI Soil Score | Total Price | Date Sold |
|---|---|---|---|---|---|---|---|
| Hancock | 79.9 | $21,400 | 79.9 | $21,400 | 145.5 | $1,709,218 | 1/30/24 |
| Warren | 80.4 | $18,300 | 79.2 | $18,561 | 145 | $1,470,588 | 1/23/24 |
| McDonough | 77.7 | $17,750 | 74.2 | $18,580 | 142.6 | $1,378,642 | 1/12/24 |
| LaSalle | 80.9 | $17,300 | 79.9 | $17,519 | 145.1 | $1,399,743 | 1/31/24 |
| LaSalle | 80.8 | $17,300 | 79.9 | $17,488 | 144.8 | $1,397,321 | 1/31/24 |
| Hancock | 86.1 | $17,200 | 79.3 | $18,671 | 144.4 | $1,480,576 | 1/30/24 |
| Hancock | 82.9 | $17,200 | 80.4 | $17,750 | 145 | $1,426,396 | 1/30/24 |
| Champaign | 162.9 | $17,040 | - | - | 139.6 | $2,775,986 | 1/30/24 |
| LaSalle | 80.8 | $16,800 | 78.9 | $17,213 | 144.9 | $1,357,776 | 1/31/24 |
| Peoria | 82.4 | $16,700 | 82.4 | $16,700 | 141.4 | $1,375,913 | 1/23/24 |
| McLean | 82 | $16,621 | 82 | $16,621 | 138.1 | $1,362,922 | 1/17/24 |
| McLean | 35.7 | $16,300 | 24.1 | $24,146 | 116.9 | $581,910 | 1/18/24 |
| Logan | 120 | $16,000 | 115 | $16,696 | 140.6 | $1,920,000 | 1/19/24 |
| McLean | 77.2 | $16,000 | 76.5 | $16,136 | 136.6 | $1,234,400 | 1/18/24 |
| Schuyler | 28.6 | $15,150 | 28 | $15,448 | 132.9 | $432,532 | 1/8/24 |
| Marshall | 79.8 | $14,600 | 79 | $14,739 | 132.6 | $1,164,350 | 1/22/24 |
| McLean | 66.9 | $14,200 | 59.7 | $15,906 | 130.2 | $949,412 | 1/19/24 |
| McLean | 38.9 | $14,200 | 38.5 | $14,351 | 130.9 | $552,522 | 1/19/24 |
| LaSalle | 78.3 | $14,000 | 77 | $14,240 | 120.1 | $1,095,920 | 1/31/24 |
| McDonough | 73 | $13,700 | 66.5 | $15,033 | 135.6 | $999,689 | 1/12/24 |
| McLean | 60.7 | $13,700 | 59.8 | $13,913 | 124.8 | $831,727 | 1/30/24 |
| McDonough | 40 | $13,700 | 38 | $14,421 | 133 | $548,000 | 1/12/24 |
| Schuyler | 63.5 | $13,600 | 63 | $13,708 | 123.1 | $863,600 | 1/8/24 |
| Hancock | 41.9 | $13,500 | 38 | $14,886 | 132 | $565,650 | 1/30/24 |
| McDonough | 142 | $13,300 | 129.6 | $14,576 | 137 | $1,888,866 | 1/9/24 |
| McDonough | 97.2 | $13,300 | 87 | $14,871 | 134.5 | $1,293,292 | 1/12/24 |
| McLean | 78.6 | $13,300 | 73.3 | $14,260 | 128.8 | $1,045,380 | 1/18/24 |
| Lee | 81 | $12,300 | 77.6 | $12,837 | 116.8 | $996,546 | 1/24/24 |
| Peoria | 131.1 | $12,090 | 128 | $12,383 | 125.6 | $1,585,000 | 1/31/24 |
| Schuyler | 97.1 | $11,800 | 92 | $12,454 | 130.6 | $1,146,016 | 1/8/24 |
| Schuyler | 94.6 | $11,800 | 93.6 | $11,930 | 132 | $1,116,162 | 1/8/24 |
| Mercer | 19.1 | $10,727 | 3.6 | $57,103 | 76.6 | $205,000 | 1/18/24 |
| LaSalle | 40 | $10,500 | 39.1 | $10,736 | 130.7 | $420,000 | 1/9/24 |
| Lee | 97.3 | $9,750 | 93 | $10,203 | 116.7 | $948,772 | 1/24/24 |
| Putnam | 98.5 | $8,700 | 98.5 | $8,700 | 124.6 | $857,298 | 1/10/24 |
| Lee | 150.7 | $8,650 | 142.7 | $9,135 | 113.1 | $1,303,122 | 1/24/24 |
| Schuyler | 58.1 | $8,100 | 22.2 | $21,187 | 109.4 | $470,772 | 1/8/24 |
| Iroquois | 80 | $8,050 | 77.9 | $8,264 | 98.5 | $644,000 | 1/17/24 |
| Adams | 80 | $7,000 | 23.4 | $23,891 | 90.2 | $560,000 | 1/9/24 |
| McDonough | 24 | $6,700 | - | - | 95 | $160,733 | 1/9/24 |
| Schuyler | 62 | $6,350 | - | - | 98.5 | $393,890 | 1/16/24 |
| Mercer | 102.7 | $4,600 | 42.6 | $11,103 | 85.1 | $472,558 | 1/18/24 |
| Schuyler | 20.3 | $4,600 | 7.4 | $12,669 | 109.9 | $93,242 | 1/8/24 |
| Schuyler | 65.1 | $3,700 | - | - | 126.9 | $240,833 | 1/16/24 |
| Schuyler | 121.5 | $3,500 | - | - | 118.9 | $425,285 | 1/16/24 |
| Schuyler | 173.4 | $3,400 | - | - | 124.1 | $589,560 | 1/16/24 |
| Schuyler | 47.7 | $3,250 | - | - | 127.7 | $155,090 | 1/8/24 |
| Schuyler | 96.8 | $2,950 | - | - | 125.9 | $285,619 | 1/16/24 |
| STATEWIDE AVERAGES | 80.0020833 | $12,097 | 69.7675 | $16,261 | 125.9 | $961,913 | |
| STATEWIDE TOTALS | 3840.1 | 2790.7 | $46,171,829 |