Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - October 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.
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 October 2024, a total of 1,922.53 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 October sales is $12,983.70 /acre for farmland in Illinois counties.
• The highest selling farm in Illinois in the month of October sold in Bureau County, IL sold for a total of $3,016,267 for 306.22 acres. This is a 80% tillable farm and has a 118.2/PI rating which results in $83/PI and $9,850/acre.
- The highest selling dollars per acre farm sold in Peoria County on October 11th. 39.08 acres sold for $18,500/acre. This farm is 94% tillable and has a 136.4 PI rating which calculates to be $135.63/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 October 2024, the Creighton University Rural Mainstreet Index (RMI) showed ongoing challenges in rural farm economy. For the 14th consecutive month, the RMI stayed below growth neutral (50), reflecting tough conditions in the 10-state agricultural and energy-dependent region.
It also highlighted ongoing economic challenges for Illinois’ agricultural sector. The state’s RMI fell to 38.1, down from 43.9 in September, keeping it below growth neutral (50) for the 14th consecutive month. Farmland values reflected this strain, with Illinois’ farmland price index dropping from 45.7 to 38.8. New hiring in the sector also dipped slightly, with the hiring index sliding to 45.1 from 45.2. Furthermore, trade data from the International Trade Association (ITA) showed that regional exports of agricultural goods and livestock were down 2.8% year-to-date, slipping to $2.9 billion from $3.0 billion during the same period in 2023. These figures underscore the ongoing pressures faced by Illinois’ rural economy, as high input costs, lower commodity prices, and reduced equipment sales continue to challenge profitability across the state.
The study also explored which presidential candidate bank CEOs believe would most support the rural economy. An overwhelming 85.2% of CEOs favored former President Trump, with only 3.7% supporting Vice President Harris and the remainder selecting other candidates. Now, with President Trump’s recent election victory as of November, there’s hope among these leaders that his policies will persue growth in the rural economy over the next four years.
For more detailed information, visit the Creighton University Rural Mainstreet Economy page.
Rachel Tiffany
Auctioneer & Land Broker
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 October, the average price per tillable acre decreased slightly to $12,983.70/acre compared to last month, $13,081/acre for 80% or more tillable farms. A year ago, the average price per tillable acre was $11,913.93/acre in October 2023. If you’re contemplating selling your farm, feel free to reach out to us for an expert opinion on its current market value.
Number of Acres Sold Per Month – 80% or more Tillable Farms
The volume of acres sold in October showed an decrease from last month. In September, 5,255 acres sold in Illinois and in October 1,922.53 acres were sold compared to 3,889.87 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!
Monthly Illinois Auction Results: Average Price Per PI Point
The price per Productivity Index (PI) point decreased slightly from September to October. Currently it is $124.50/PI. Comparatively, the price per PI point was $121.1 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.
RECENT FARMLAND SALES IN ILLINOIS
| Date Sold | County | Total Price | Total Acres | $/Acre | Tillable Acres | % tillable | Soil Score | Soil Score Index | $/PI | Primary Crop (2023) |
|---|---|---|---|---|---|---|---|---|---|---|
| 10/01/2024 | Henry | $846,880.00 | 63.20 | $13,400.00 | 59.16 | 93.61 | 138.4 | PI | $96.82 | Corn |
| 10/01/2024 | Whiteside | $1,040,400.00 | 84.00 | $12,385.00 | 76.00 | 90.48 | 120.3 | PI | $102.95 | Corn |
| 10/01/2024 | Whiteside | $2,193,000.00 | 155.00 | $14,144.00 | 129.50 | 83.55 | 102.7 | PI | $137.72 | Corn |
| 10/08/2024 | Randolph | $241,312.50 | 35.75 | $6,750.00 | 35.21 | 98.49 | 107.0 | PI | $63.08 | Corn |
| 10/10/2024 | Montgomery | $1,157,751.00 | 71.91 | $16,100.00 | 71.41 | 99.30 | 131.2 | PI | $122.71 | Soybeans |
| 10/10/2024 | Montgomery | $749,349.00 | 53.91 | $13,900.00 | 53.47 | 99.18 | 133.9 | PI | $103.81 | Soybeans |
| 10/11/2024 | Peoria | $722,980.00 | 39.08 | $18,500.00 | 36.77 | 94.09 | 136.4 | PI | $135.63 | Soybeans |
| 10/16/2024 | Menard | $617,604.00 | 39.60 | $15,596.06 | 38.85 | 98.11 | 133.1 | PI | $117.18 | Soybeans |
| 10/16/2024 | Menard | $1,133,980.00 | 73.17 | $15,500.00 | 72.44 | 99.00 | 133.8 | PI | $115.84 | Soybeans |
| 10/16/2024 | Menard | $916,712.00 | 56.24 | $16,300.00 | 55.07 | 97.92 | 138.8 | PI | $117.44 | Corn |
| 10/16/2024 | Menard | $1,588,214.00 | 114.26 | $13,900.00 | 113.03 | 98.92 | 132.2 | PI | $105.14 | Corn |
| 10/18/2024 | Fulton | $442,134.00 | 50.82 | $8,700.00 | 44.79 | 88.13 | 114.2 | PI | $76.18 | Soybeans |
| 10/18/2024 | Fulton | $305,128.00 | 35.48 | $8,600.00 | 30.05 | 84.70 | 110.8 | PI | $77.62 | Corn |
| 10/28/2024 | Fayette | $660,000.00 | 60.00 | $11,000.00 | 60 | 100 | 111.7 | PI | $98.48 | Corn |
| 10/28/2024 | Fayette | $318,500.00 | 35.00 | $9,100.00 | 35 | 100 | 100.0 | PI | $91.00 | Corn |
| 10/28/2024 | Fayette | $126150.00 | 14.50 | $8700.00 | 14 | 96.55 | 105.8 | PI | $82.23 | Dbl Crop WinWht/Soybeans |
| 10/29/2024 | De Witt | $1,283,865.00 | 77.81 | $16,500.00 | 76.50 | 98.32 | 139.9 | PI | $117.94 | Soybeans |
| 10/29/2024 | De Witt | $1,336,665.00 | 81.01 | $16,500.00 | 79.50 | 98.14 | 141.2 | PI | $116.86 | Soybeans |
| 10/29/2024 | De Witt | $1,336,500.00 | 81.00 | $16,500.00 | 80.74 | 99.68 | 140.3 | PI | $117.61 | Corn |
| 10/29/2024 | De Witt | $1,367,829.00 | 79.99 | $17,100.00 | 79.00 | 98.76 | 141.2 | PI | $121.10 | Soybeans |
| 10/30/2024 | Bureau | $3,016,267.00 | 306.22 | $9,850.00 | 244.28 | 79.77 | 118.2 | PI | $83.33 | Soybeans |
| 10/30/2024 | Bureau | $1,576,206.00 | 156.06 | $10,100.00 | 147.16 | 94.30 | 114.5 | PI | $88.21 | Corn |
| 10/31/2024 | Champaign | $1,505,940.00 | 158.52 | $9,500.00 | 151.31 | 95.45 | 117.9 | PI | $80.58 | Soybeans |
| 10/31/2024 | Mercer | $1385160.00 | 81.48 | $17000.00 | 80.79 | 99.15 | 137.8 | PI | $123.37 | Soybeans |
| 10/31/2024 | Mercer | $1226020.00 | 103.90 | $11800.00 | 92.51 | 89.04 | 129.9 | PI | $90.84 | Soybeans |
| Totals/Avg. | $24,483,366.50 | 1,922.53 | $12,983.70 | 1,783.24 | 95.06 | 124.5 | $103.02 |
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.