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

Illinois Farmland Nov 2024 farmland Sales

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 November 2024, a total of 7,815 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 November sales is $14,472 /acre for farmland in Illinois counties.

• The highest selling farm in Illinois in the month of November sold in Cass County, IL sold for a total of $2,875,632 for 206.88 acres. This is a 85% tillable farm and has a 116.1/PI rating which results in $120/PI and $13,900/acre.

  • The highest selling dollars per acre farm sold in McDonough County on November 12th. 82.19 acres sold for $23,500/acre. This farm is 98% tillable and has a 141.9 PI rating which calculates to be $166/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:

Factors Influencing Farmland Values in Illinois

In November 2024, the Creighton University Rural Mainstreet Index (RMI) showed that in Illinois, the November Rural Mainstreet Index (RMI) reflected a notable rebound, climbing to 54.3 from 38.1 in October and reaching its highest level in 15 months. This improvement signals strengthening economic conditions in rural areas. Farmland values showed a slight recovery, with the state’s farmland price index rising to 42.4 from 38.8 the previous month. However, challenges persist, as regional farmland prices declined for the sixth time in the past seven months. The overall regional farmland index improved to a still-weak 44.4 from October’s six-year low of 38.5. “Elevated interest rates and higher input costs, along with below break-even grain prices, have significantly reduced farmer demand for ag land,” said Ernie Goss, Creighton University economist. Bank CEOs anticipate further declines, expecting farmland prices to fall by an average of 2.7% over the next year.

Jeff Bonnett, CEO of Havana National Bank, expressed optimism about potential federal support. He highlighted the pending FARM Act (H.R. 10045 – Farmer Assistance & Revenue Mitigation Act) as a potential game-changer. “With per acre estimates of about $100 for corn and almost $50 for soybeans, this targeted relief to farmers that suffered due to extremely low commodity prices for their 2024 harvest would at least recover part of their operating losses,” Bonnett said.

Despite these challenges, there are some bright spots. According to the International Trade Administration (ITA), regional agricultural exports rose 1.1% year-to-date, climbing to $8.73 billion in 2024 from $8.64 billion during the same period in 2023. However, farm equipment sales continued their downward trend, declining for the 16th straight month, reflecting ongoing caution among farmers facing financial pressures.

Bankers weighed in on monetary policy, with 64.3% recommending the Federal Reserve make no change to short-term interest rates at its December meeting, while 35.7% advocated for a 0.25% reduction. These sentiments underline the delicate balance between managing inflation and supporting growth in rural economies.

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 November, the average price per tillable acre increased almost $1,500/acre to $14,472/acre compared to last month, $12,983.70/acre for 80% or more tillable farms. A year ago, the average price per tillable acre was $14,732.19/acre in November 2023. If you’re contemplating selling your farm, feel free to reach out to us for an expert opinion on its current market value.

average price per acre IL NOV

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

The volume of acres sold in November showed an increase from last month. In October, 1,992.53 acres sold in Illinois and in November 7,815.35 acres were sold compared to 10,661.55 acres a year ago. November is typically the busiest time for farmland auctions across the midwest so stay tuned for next month’s blog! 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!

NOV IL # of acres sold

Monthly Illinois Auction Results: Average Price Per PI Point

The price per Productivity Index (PI) point increased $7 from October to November. Currently it is $110/PI. Comparatively, the price per PI point was $112.70 a year ago. 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 IL NOV

RECENT FARMLAND SALES IN ILLINOIS

Date Sold County Total Acres $/Acre Tillable Acres % Tillable Soil Score $/PI Total Price
11/01/2024 Livingston 41.81 $12,600 40.24 96.24 132.2 $95 $526,806
11/01/2024 Livingston 80.64 $10,700 76.94 95.41 131.2 $82 $862,848
11/06/2024 McLean 44.76 $17,400 43.00 96.07 132.8 $131 $778,824
11/06/2024 McLean 80.00 $18,700 77.90 97.38 139.5 $134 $1,496,000
11/07/2024 Stephenson 20.00 $9,800 19 95.00 115.7 $85 $196,000
11/07/2024 Stephenson 27.00 $9,100 25 92.59 120.8 $75 $245,700
11/07/2024 Stephenson 104.00 $9,100 96 92.31 118.0 $77 $946,400
11/07/2024 Stephenson 112.00 $10,100 90 80.36 118.0 $86 $1,131,200
11/07/2024 McDonough 138.61 $15,000 134.82 97.27 142.3 $105 $2,079,150
11/07/2024 Cass 147.69 $15,300 145.66 98.63 135.3 $113 $2,259,657
11/07/2024 Cass 206.88 $13,900 176.53 85.33 116.1 $120 $2,875,632
11/08/2024 Livingston 40.10 $10,000 40.10 100.00 118.3 $85 $401,000
11/08/2024 Livingston 47.79 $10,000 47.79 100.00 107.0 $93 $477,900
11/08/2024 Livingston 80.00 $7,300 70.14 87.68 104.7 $70 $584,000
11/08/2024 Livingston 76.02 $9,100 70.87 93.23 112.6 $81 $691,782
11/08/2024 Livingston 88.55 $10,000 82.96 93.69 110.5 $90 $885,500
11/08/2024 Livingston 156.38 $10,000 147.19 94.12 115.4 $87 $1,563,800
11/12/2024 Champaign 9.58 $11,200 9 93.95 144.0 $78 $107,296
11/12/2024 Champaign 27.00 $17,100 26 96.30 142.7 $120 $461,700
11/12/2024 Kankakee 39.79 $13,200 39 98.01 132.3 $100 $525,228
11/12/2024 Champaign 38.00 $17,100 37 97.37 143.1 $119 $649,800
11/12/2024 Champaign 40.00 $16,600 40 100.00 143.3 $116 $664,000
11/12/2024 Kankakee 49.88 $13,900 49 98.24 130.9 $106 $693,332
11/12/2024 McDonough 40.49 $21,600 39.74 98.15 142.0 $152 $874,584
11/12/2024 Grundy 60.46 $15,100 59.01 97.60 132.4 $114 $912,946
11/12/2024 Kankakee 79.66 $13,900 78.29 98.28 128.9 $108 $1,107,274
11/12/2024 Kankakee 79.89 $13,900 79.47 99.47 123.7 $112 $1,110,471
11/12/2024 Champaign 70.00 $16,600 68 97.14 143.9 $115 $1,162,000
11/12/2024 Morgan 82.50 $17,100 76.80 93.09 143.0 $120 $1,410,750
11/12/2024 Champaign 94.50 $17,500 90.8 96.08 139.4 $126 $1,653,750
11/12/2024 McDonough 83.23 $21,900 82.09 98.63 142.2 $154 $1,822,737
11/12/2024 McDonough 81.92 $22,300 81.00 98.88 142.0 $157 $1,826,816
11/12/2024 McDonough 81.95 $22,750 79.30 96.77 141.9 $160 $1,864,363
11/12/2024 McDonough 82.19 $23,500 81.02 98.58 141.9 $166 $1,931,465
11/12/2024 McDonough 88.70 $21,900 88.70 100.00 142.8 $153 $1,942,530
11/13/2024 Ogle 41.64 $8,000 37 88.86 127.8 $63 $333,120
11/13/2024 Effingham 58.75 $13,825 54.00 91.91 111.6 $124 $812,219
11/13/2024 Marshall 68.48 $15,500 64.37 94.00 141.5 $110 $1,061,440
11/13/2024 Champaign 82.00 $13,200 79.48 96.93 120.8 $109 $1,082,400
11/13/2024 Marshall 82.62 $14,000 79.84 96.64 136.9 $102 $1,156,680
11/13/2024 Stark 79.50 $16,700 77.68 97.71 122.8 $136 $1,327,650
11/13/2024 Marshall 77.87 $18,000 75.19 96.56 141.3 $127 $1,401,660
11/13/2024 Marshall 82.23 $17,200 78.07 94.94 141.2 $122 $1,414,356
11/13/2024 LaSalle 116.43 $12,500 115.00 98.77 118.7 $105 $1,455,375
11/13/2024 Marshall 81.05 $18,000 80.00 98.70 141.1 $128 $1,458,900
11/13/2024 LaSalle 120.97 $12,500 115.00 95.06 119.5 $105 $1,512,125
11/13/2024 Tazewell 80.00 $20,600 78.69 98.36 141.9 $145 $1,648,000
11/13/2024 Marshall 157.22 $15,500 151.70 96.49 140.9 $110 $2,436,910
11/14/2024 Shelby 80.40 $20,400 80.00 99.50 144.0 $142 $1,640,160
11/14/2024 Brown 163.14 $16,900 158.51 97.16 137.5 $123 $2,757,066
11/15/2024 Kankakee 20.00 $14,800 16 80.00 106.6 $139 $293,188
11/15/2024 Henderson 42.41 $16,000 42.41 100.00 143.1 $112 $678,560
11/15/2024 Kankakee 64.07 $11,600 64 99.89 104.9 $111 $743,212
11/15/2024 Henderson 40.00 $19,250 39.90 99.75 144.0 $134 $770,000
11/15/2024 Henderson 66.46 $15,100 63.46 95.49 143.7 $105 $1,003,546
11/15/2024 Peoria 104.00 $10,450 98.05 94.28 108.2 $97 $1,086,800
11/15/2024 Peoria 105.00 $10,450 99.77 95.02 111.7 $94 $1,097,250
11/15/2024 Bureau 77.80 $14,150 72.52 93.21 136.6 $104 $1,100,870
11/15/2024 Henderson 145.07 $9,550 117.54 81.02 119.0 $80 $1,385,419
11/15/2024 Kankakee 154.13 $13,400 154 99.92 117.2 $114 $2,065,342
11/18/2024 Richland 17.32 $10,400 17.32 100.00 106.9 $97 $180,128
11/18/2024 Richland 21.71 $8,500 18.89 87.01 104.7 $81 $184,535
11/18/2024 Richland 19.84 $10,400 19.84 100.00 103.6 $100 $206,336
11/18/2024 Henderson 41.24 $7,300 33.45 81.11 116.3 $63 $301,052
11/18/2024 Richland 40.53 $7,600 40.00 98.69 99.0 $77 $308,028
11/18/2024 Richland 40.41 $8,800 40.00 98.99 99.0 $89 $355,608
11/18/2024 Vermilion 40.00 $14,800 38.85 97.13 134.9 $110 $592,000
11/18/2024 Hancock 57.37 $13,400 55.28 96.36 127.0 $106 $768,758
11/18/2024 Henderson 57.33 $16,200 56.19 98.01 144.1 $112 $928,746
11/18/2024 Henderson 54.11 $17,200 54.00 99.80 144.9 $119 $930,692
11/18/2024 Hancock 57.35 $17,900 57.00 99.39 143.1 $125 $1,026,565
11/18/2024 Hancock 58.37 $17,900 58.37 100.00 144.4 $124 $1,044,823
11/18/2024 Hancock 58.80 $17,900 58.00 98.64 141.4 $127 $1,052,520
11/18/2024 Henderson 82.94 $15,700 81.13 97.82 143.9 $109 $1,302,158
11/18/2024 Livingston 80.00 $17,000 80.00 100.00 128.7 $132 $1,360,000
11/18/2024 Henderson 82.52 $17,900 82.01 99.38 144.8 $124 $1,477,108
11/18/2024 Hancock 86.63 $17,200 85.12 98.26 137.7 $125 $1,490,036
11/18/2024 Hancock 88.09 $17,900 86.43 98.12 142.3 $126 $1,576,811
11/19/2024 Moultrie 40.19 $17,400 38.33 95.37 140.8 $124 $699,306
11/19/2024 Moultrie 40.41 $17,400 38.90 96.26 139.4 $125 $703,134
11/19/2024 Moultrie 60.19 $17,400 59.27 98.47 141.0 $123 $1,047,306
11/19/2024 Moultrie 80.22 $16,700 76.89 95.85 140.3 $119 $1,339,674
11/19/2024 Moultrie 80.83 $16,700 78.77 97.45 139.4 $120 $1,349,861
11/19/2024 Moultrie 78.87 $17,400 76.19 96.60 140.1 $124 $1,372,338
11/19/2024 Hancock 83.80 $18,700 83.80 100.00 136.5 $137 $1,567,060
11/20/2024 Henderson 19.30 $13,600 18.22 94.40 115.1 $118 $262,480
11/20/2024 Stark 59.00 $15,000 50.61 85.78 133.9 $112 $885,000
11/20/2024 Henderson 80.60 $15,000 80.00 99.26 137.4 $109 $1,209,000
11/20/2024 Henderson 78.64 $16,000 78.50 99.82 141.6 $113 $1,258,240
11/20/2024 Henderson 78.70 $18,000 75.60 96.06 145.5 $124 $1,416,600
11/20/2024 Stark 107.00 $15,000 101.68 95.03 133.0 $113 $1,605,000
11/21/2024 Iroquois 71.32 $8,900 70.10 98.29 124.0 $72 $634,748
11/21/2024 Iroquois 69.61 $9,400 69.50 99.84 126.0 $75 $654,334
11/21/2024 Iroquois 62.62 $13,000 61.80 98.69 124.9 $104 $814,060
11/21/2024 Iroquois 80.66 $10,500 80.10 99.31 120.4 $87 $846,930
11/21/2024 Iroquois 155.47 $13,400 152.39 98.02 126.6 $106 $2,083,298
11/21/2024 Woodford 199.73 $13,100 193.08 96.67 129.7 $101 $2,616,463
11/22/2024 Logan 20.00 $21,750 19.60 98.00 143.5 $152 $435,000
11/22/2024 Bureau 53.34 $13,100 53.17 99.68 137.9 $95 $698,754
11/22/2024 Bureau 80.00 $12,300 74.83 93.54 125.0 $98 $984,000
11/22/2024 Peoria 130.96 $8,100 130.96 100.00 122.0 $66 $1,060,776
11/24/2024 Lawrence 103.33 $6,200 99.41 96.21 108.9 $57 $640,646
11/26/2024 Jasper 40.00 $7,000 37.00 92.50 125.4 $56 $280,000
11/27/2024 Henry 62.79 $17,200 60 95.56 129.0 $133 $1,079,988
Totals/Averages 7815.35 $14,472 7501.12 96.13 130.1 $110 $113,075,388

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.