Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - November 2023 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.
Jason Smith, Broker | Auctioneer
Founder, Farmland 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.
Email: [email protected] | Phone: 515-537-6633
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 November, a total of 8,796 acres were sold in Illinois by auction method. The current average per acre price for land in Illinois according to these November sales is $13,385/acre. The highest selling farm in Illinois in the month of November 2023 sold on November 9th in Iroquois County for $9,496 per acre for 585.3 acres, with a PI of 119.2. The farm with the highest selling price per acre sold on November 21st in Piatt County for $21,100 per acre for 100 acres, with a PI of 142.5.
| County | Total Acres | $/Acre | PI Soil Score | Total Price | Date Sold |
|---|---|---|---|---|---|
| Christian | 40 | $14,700 | 127.7 | $588,000 | 11/1/23 |
| Christian | 40 | $14,700 | 120.2 | $588,000 | 11/1/23 |
| Schuyler | 43.7 | $3,875 | 116.2 | $169,299 | 11/1/23 |
| Pike | 94 | $7,900 | 119.4 | $742,600 | 11/1/23 |
| Bureau | 196 | $14,250 | 142 | $2,793,142 | 11/3/23 |
| Bureau | 18.8 | $10,750 | 137.2 | $201,885 | 11/3/23 |
| Bureau | 80 | $9,350 | 126.9 | $748,000 | 11/3/23 |
| Knox | 91.3 | $8,150 | 114.5 | $744,095 | 11/6/23 |
| Warren | 146.5 | $12,950 | 134.7 | $1,897,564 | 11/6/23 |
| Bureau | 37.5 | $10,750 | 124.8 | $403,018 | 11/6/23 |
| LaSalle | 76.5 | $19,700 | 142.9 | $1,507,661 | 11/7/23 |
| LaSalle | 76.4 | $19,700 | 142.5 | $1,504,548 | 11/7/23 |
| Henry | 90 | $19,100 | 140.2 | $1,719,000 | 11/7/23 |
| Coles | 20 | $18,050 | 132 | $361,722 | 11/7/23 |
| Macon | 80 | $16,900 | 142.6 | $1,352,000 | 11/7/23 |
| Macon | 60 | $17,900 | 142.9 | $1,074,000 | 11/7/23 |
| Macon | 51.9 | $17,900 | 142 | $929,726 | 11/7/23 |
| Macon | 40 | $17,800 | 135.4 | $712,000 | 11/7/23 |
| Macon | 55.4 | $17,900 | 138.6 | $991,839 | 11/7/23 |
| LaSalle | 80 | $15,600 | 142.9 | $1,248,000 | 11/8/23 |
| McLean | 82.5 | $14,000 | 137 | $1,155,000 | 11/9/23 |
| McLean | 56.4 | $9,100 | 121 | $513,331 | 11/9/23 |
| McLean | 56.8 | $11,100 | 114.9 | $630,036 | 11/9/23 |
| McLean | 30.6 | $10,750 | 108.4 | $329,165 | 11/9/23 |
| McLean | 27.2 | $10,000 | 134.3 | $272,200 | 11/9/23 |
| Kankakee | 358.5 | $10,128 | 123 | $3,630,888 | 11/9/23 |
| Ford | 160 | $11,793 | 123.9 | $1,886,880 | 11/9/23 |
| Iroquois | 585.3 | $9,496 | 119.2 | $5,558,009 | 11/9/23 |
| Bond | 120 | $9,750 | 98.2 | $1,170,000 | 11/9/23 |
| McLean | 160 | $18,800 | 138.1 | $3,008,000 | 11/10/23 |
| Kankakee | 80 | $8,100 | 116.4 | $648,000 | 11/10/23 |
| McLean | 40 | $16,200 | 135.9 | $648,000 | 11/10/23 |
| Macoupin | 80 | $7,125 | 108.1 | $570,000 | 11/12/23 |
| Bureau | 96.9 | $14,300 | 124.9 | $1,385,956 | 11/13/23 |
| Effingham | 155.3 | $15,100 | 114.6 | $2,345,634 | 11/13/23 |
| Effingham | 64.9 | $14,500 | 107.9 | $941,485 | 11/13/23 |
| Effingham | 41 | $14,300 | 108.2 | $586,300 | 11/13/23 |
| Effingham | 48.8 | $15,100 | 108.7 | $736,729 | 11/13/23 |
| Shelby | 79.6 | $11,000 | 137.9 | $875,490 | 11/13/23 |
| Shelby | 87.3 | $17,500 | 137.3 | $1,528,100 | 11/14/23 |
| Macon | 40 | $16,500 | 134.7 | $660,000 | 11/14/23 |
| Macon | 39 | $10,500 | 133.3 | $409,500 | 11/14/23 |
| Shelby | 135.1 | $7,300 | 124 | $985,865 | 11/14/23 |
| Livingston | 119.6 | $15,500 | 129.4 | $1,853,800 | 11/14/23 |
| Livingston | 76 | $14,100 | 127.4 | $1,071,600 | 11/14/23 |
| Christian | 40 | $18,000 | 134.6 | $720,000 | 11/14/23 |
| Christian | 56.9 | $16,500 | 135.3 | $938,850 | 11/14/23 |
| Coles | 118.8 | $18,100 | 134.7 | $2,150,099 | 11/14/23 |
| LaSalle | 72.7 | $18,650 | 143.2 | $1,355,109 | 11/15/23 |
| LaSalle | 158 | $15,800 | 141.5 | $2,496,400 | 11/15/23 |
| LaSalle | 79.4 | $13,100 | 121.5 | $1,040,140 | 11/15/23 |
| McDonough | 49.3 | $5,500 | 107.9 | $271,370 | 11/15/23 |
| Greene | 45 | $9,500 | 116 | $427,500 | 11/15/23 |
| Knox | 289 | $8,249 | 135 | $2,384,000 | 11/16/23 |
| Livingston | 51.1 | $13,850 | 130.7 | $708,012 | 11/16/23 |
| Henry | 80.8 | $13,200 | 138.8 | $1,066,692 | 11/17/23 |
| Hancock | 82 | $21,000 | 144.1 | $1,721,580 | 11/20/23 |
| Hancock | 81.5 | $17,300 | 139.4 | $1,410,815 | 11/20/23 |
| Hancock | 53.5 | $19,900 | 139.4 | $1,064,849 | 11/20/23 |
| Hancock | 26.5 | $10,850 | 132.2 | $287,308 | 11/20/23 |
| Wayne | 60 | $7,450 | 92.5 | $447,000 | 11/21/23 |
| Piatt | 100 | $21,100 | 142.5 | $2,110,000 | 11/21/23 |
| Kankakee | 84.1 | $9,100 | 122.1 | $765,492 | 11/21/23 |
| Kankakee | 89.2 | $10,900 | 116.8 | $972,716 | 11/21/23 |
| Henderson | 160 | $13,500 | 134.3 | $2,160,000 | 11/22/23 |
| McDonough | 40.6 | $6,300 | 93.1 | $255,654 | 11/22/23 |
| DeWitt | 77.7 | $16,400 | 138.3 | $1,274,280 | 11/22/23 |
| McDonough | 233.2 | $6,100 | 89.4 | $1,422,276 | 11/22/23 |
| McDonough | 57.2 | $6,100 | 93.1 | $349,225 | 11/22/23 |
| McDonough | 150 | $6,100 | 88.2 | $915,122 | 11/22/23 |
| Pike | 110.7 | $20,000 | 126.5 | $2,214,800 | 11/27/23 |
| Pike | 18.3 | $6,950 | 109.9 | $127,394 | 11/27/23 |
| Pike | 56.3 | $9,600 | 113 | $540,192 | 11/27/23 |
| Pike | 79.2 | $20,000 | 134.5 | $1,585,000 | 11/27/23 |
| Pike | 16 | $20,000 | 121.5 | $320,000 | 11/27/23 |
| Pike | 100.8 | $5,300 | 110.1 | $534,028 | 11/27/23 |
| Will | 157 | $11,300 | 127.7 | $1,773,761 | 11/27/23 |
| Champaign | 66.3 | $16,700 | 134.5 | $1,107,377 | 11/28/23 |
| Hancock | 116.2 | $8,400 | 118.8 | $976,164 | 11/28/23 |
| Randolph | 82 | $5,732 | 90.7 | $470,000 | 11/28/23 |
| LaSalle | 80 | $13,400 | 143.6 | $1,072,000 | 11/28/23 |
| LaSalle | 89 | $13,400 | 144.3 | $1,192,600 | 11/28/23 |
| LaSalle | 50 | $15,200 | 140.7 | $760,000 | 11/28/23 |
| LaSalle | 70 | $13,500 | 140.4 | $945,000 | 11/28/23 |
| McLean | 157 | $12,500 | 135.3 | $1,962,125 | 11/28/23 |
| McLean | 70.9 | $15,500 | 131.4 | $1,098,795 | 11/28/23 |
| McLean | 80.3 | $15,500 | 132.9 | $1,244,805 | 11/28/23 |
| St. Clair | 86 | $17,600 | 95.6 | $1,513,600 | 11/28/23 |
| Franklin | 55 | $5,000 | 96.4 | $275,000 | 11/29/23 |
| Coles | 83.3 | $19,800 | 139.4 | $1,649,340 | 11/29/23 |
| Coles | 69 | $19,800 | 140.3 | $1,365,606 | 11/29/23 |
| Peoria | 77.5 | $16,100 | 138.4 | $1,247,428 | 11/29/23 |
| Peoria | 107.9 | $7,800 | 108.5 | $841,542 | 11/29/23 |
| Piatt | 100.5 | $17,450 | 139.9 | $1,754,423 | 11/29/23 |
| Piatt | 102.7 | $14,000 | 138.1 | $1,438,360 | 11/29/23 |
| Adams | 33.6 | $18,950 | 135.1 | $636,720 | 11/29/23 |
| Hancock | 86 | $13,100 | 126.8 | $1,126,600 | 11/30/23 |
| Hancock | 19.2 | $16,650 | 133.9 | $320,013 | 11/30/23 |
| Statewide Average | 89.755102 | $13,385 | 126.378571 | $1,147,788 | |
| Statewide Totals | 8796 | $112,483,229 |
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.
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 the USDA-National Agricultural Statistics Services (USDA-NASS) survey, in 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.
The USDA-National Agricultural Statistics Service (NASS) also provided county-level cash rent estimates for the 2023 growing season in Illinois. These estimates encompass non-irrigated and irrigated cropland, as well as pasture, on a per-acre basis. Variances in non-irrigated cropland rental rates are attributed to factors like soil type, rainfall, yield expectations, and market competitiveness among counties. Notably, some counties lacked sufficient survey returns, indicating either low rates or a scarcity of data in specific regions. View the survey and additional information here.
The NASS has documented that the average cash rent for Illinois in 2023 stands at $259 per acre, reflecting an increase of $16 per acre compared to the 2022 rate of $243 per acre. This 2023 figure sets a new record for Illinois, surpassing the previous high of $234 per acre established in 2013. Consistent with the norm, cash rents are notably elevated in the central part of the state, whereas they are comparatively lower in southern Illinois. Moultrie County claims the highest reported average cash rent for 2023, reaching $367 per acre, with Piatt County following closely behind at $362—the two counties had tied for the highest cash rent levels in Illinois in 2022 at $331 per acre. Conversely, Johnson County in southern Illinois reports the lowest cash rent for 2023 at $58 per acre, mirroring the lowest reported rate in 2022 at $53 per acre. Disparities in soil productivity play a significant role in the variations observed in county-level cash rents. The Soil Productivity Index (SPI) for Illinois soils, published by the Department of Natural Resources and Environmental Science at the University of Illinois, indicates that higher SPIs are correlated with increased yields and higher cash rent levels. Notably, higher SPIs are typically found in central and northern Illinois.
Is Now a Good Time To Sell Farmland in Illinois?
With the demand for prime agricultural real estate on the rise in Illinois, now could be an opportune moment to capitalize on the value of your property. The central regions, known for their fertile plains, are particularly sought after by investors and farmers alike, making it an advantageous time to explore the potential sale of your land. As market dynamics continue to evolve, strategic decisions can play a crucial role in maximizing returns. The varying quality of Illinois farmland presents a chance to leverage the unique attributes of your property, whether it’s the exceptional fertility of the central plains or the versatility of the southern terrain.
Looking ahead to 2024, we are predicting that land prices in Illinois will remain steady, further reinforcing the appeal of making a move in the current market if you are considering selling. The strong demand for high-quality farmland is expected to persist, creating a favorable environment for sellers. Taking advantage of this forecasted stability can enhance the financial returns on your investment or inheritance. Seizing this moment allows sellers to make strategic decisions that align with the evolving dynamics of the agricultural real estate market, ensuring the maximization of returns on their valuable assets. Call Rachel today for a market analysis of your farmland at 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
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:
Although we have experienced steady annual growth, we are starting to see farmland prices plateau. According to data from the Illinois Farm Business Farm Management (FBFM) Association, farmer returns are projected to be much lower in 2023 and 2024 after being relatively high in 2021 and 2022 . Similarly, the USDA-NASS reported a net farm income decrease, which leads us to predict cash rent values to follow suit. Higher interest rates, lower crop prices, high input costs, and trade barriers are challenging the farming economy and land prices in the coming months. We know where the market is today, and now is still a good time to sell farmland.
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