Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - September 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 September 2024, a total of 5,255 acres of tillable farms was sold in Illinois by the auction sales method.
• The current average per acre price for land in Illinois according to these September sales is $13,081 /acre for farmland in Illinois counties.
• The highest selling farm in Illinois in the month of September sold in Christian County, IL sold for a total of $3,012,282 for 159.38 acres. This is a 100% tillable farm and has a 139.8/PI rating which results in $135/PI and $18,900/acre.
- The highest selling dollars per acre farm sold in Christian County on September 5th. 70 acres osld for $21,200/acre. This farm is 97% tillable and has a 134.4 PI rating which calculates to be $158/PI
• See full results from all farmland sold by auction this month at the end of the blog.
Understanding Illinois Farmland Values:
Factors Influencing Farmland Values in Illinois
The state’s September RMI fell from 44.5 from to 43.9. The farmland price index dropped to 45.7. The state’s new hiring index also decreased to 45.2.
For more details, visit Creighton University’s Mainstreet Economy.
Rachel Tiffany
Auctioneer & Land Broker
Email: [email protected] | Phone: 515-954-8063
Are Illinois Farmland Prices Increasing or Decreasing?
In the first half of 2024, Illinois farmland prices softened due to declining commodity prices, a trend likely to continue through year-end. A survey by the Illinois Society of Professional Farm Managers and Rural Appraisers revealed that excellent and good-quality farmland saw a 5% decrease in value, while average and fair-quality farmland dropped 8-10%. With corn and soybean prices averaging around $3.85 and $10 per bushel, respectively, lower profitability for farmers has reduced land demand.
Farmland sales patterns shifted, with more transactions happening through listings rather than auctions, and a higher involvement of local investors compared to estate sales. About 89% of respondents expect prices to decline further, with most anticipating drops of less than 3%.
Cash rents, which had been stable through 2024, are expected to decrease by about $25 per acre in 2025. Variable cash rental arrangements are increasing, now making up 35% of leases, while share rent leases have declined. This trend towards variable leases is expected to continue, offering flexibility as commodity prices fluctuate.
For more details, check out the full report on farmland prices here
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.
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
RECENT FARMLAND SALES IN ILLINOIS
| Date Sold | County | Total Price | Total Acres | $/Acre | Tillable Acres | Soil Score | Soil Score Index | $/PI | Primary Crop (2023) | % Tillable |
|---|---|---|---|---|---|---|---|---|---|---|
| 09/03/2024 | Adams | $977,301 | 83.53 | $11,700.00 | 72.20 | 120.4 | PI | $97.18 | Corn | 86.44 |
| 09/03/2024 | Edgar | $1,368,225 | 101.35 | $13,500 | 101.35 | 141.5 | PI | $95 | Soybeans | 100 |
| 09/03/2024 | Edgar | $833,035 | 65.41 | $13,500 | 65.41 | 132.4 | PI | $102 | Soybeans | 100 |
| 09/03/2024 | Edgar | $1,368,090 | 101.34 | $13,500 | 101.34 | 138.2 | PI | $98 | Corn | 100 |
| 09/05/2024 | Christian | $753,905 | 57.55 | $13,100 | 51.00 | 135.0 | PI | $97 | Corn | 88.62 |
| 09/05/2024 | Christian | $1,204,665 | 81.95 | $14,700 | 77.05 | 130.5 | PI | $113 | Soybeans | 94.02 |
| 09/05/2024 | Christian | $612,000 | 40.00 | $15,300 | 38.58 | 126.2 | PI | $121 | Soybeans | 96.45 |
| 09/05/2024 | Christian | $1,484,000 | 70.00 | $21,200 | 68.00 | 134.4 | PI | $158 | Corn | 97.14 |
| 09/05/2024 | Christian | $1,512,000 | 80.00 | $18,900 | 77.77 | 133.7 | PI | $141 | Corn | 97.21 |
| 09/05/2024 | Christian | $1,571,400 | 97.00 | $16,200 | 94.89 | 134.1 | PI | $121 | Soybeans | 97.82 |
| 09/05/2024 | Christian | $1,585,116 | 101.61 | $15,600 | 100.57 | 134.2 | PI | $116 | Soybeans | 98.98 |
| 09/05/2024 | Christian | $1,890,000 | 100.00 | $18,900 | 99.40 | 142.6 | PI | $133 | Soybeans | 99.40 |
| 09/05/2024 | Christian | $1,522,395 | 80.55 | $18,900 | 80.55 | 138.5 | PI | $136 | Soybeans | 100.00 |
| 09/05/2024 | Christian | $1,522,395 | 80.55 | $18,900 | 80.55 | 137.0 | PI | $138 | Soybeans | 100.00 |
| 09/05/2024 | Christian | $3,012,282 | 159.38 | $18,900 | 159.38 | 139.8 | PI | $135 | Corn | 100.00 |
| 09/05/2024 | Christian | $459,270 | 24.30 | $18,900 | 24.30 | 131.2 | PI | $144 | Soybeans | 100.00 |
| 09/06/2024 | Sangamon | $818,685 | 51.98 | $15,750 | 42.46 | 127.4 | PI | $124 | Corn | 81.69 |
| 09/09/2024 | Knox | $2,287,650 | 152.51 | $15,000 | 149.17 | 136.4 | PI | $110 | Corn | 97.81 |
| 09/09/2024 | Henry | $600,000 | 40.00 | $15,000 | 39.90 | 140.7 | PI | $107 | Soybeans | 99.75 |
| 09/09/2024 | Henry | $1,567,485 | 116.11 | $13,500 | 116.11 | 135.8 | PI | $99 | Corn | 100.00 |
| 09/09/2024 | Henry | $1,234,610 | 94.97 | $13,000 | 94.97 | 134.9 | PI | $96 | Corn | 100.00 |
| 09/10/2024 | Fulton | $1,127,490 | 144.55 | $7,800 | 117.14 | 111.4 | PI | $70 | Soybeans | 81.04 |
| 09/10/2024 | Fulton | $1,114,476 | 168.86 | $6,600 | 140.60 | 113.1 | PI | $58 | Corn | 83.26 |
| 09/10/2024 | Fulton | $213,928 | 20.57 | $10,400 | 18.17 | 134.3 | PI | $77 | Soybeans | 88.33 |
| 09/10/2024 | Knox | $954,273 | 102.61 | $9,300 | 92.00 | 115.4 | PI | $81 | Corn | 89.66 |
| 09/10/2024 | Warren | $560,000 | 70.00 | $8,000 | 63.70 | 122.5 | PI | $65 | Soybeans | 91.00 |
| 09/10/2024 | Piatt | $1,215,000 | 81.00 | $15,000 | 79.72 | 138.4 | PI | $108 | Corn | 98.42 |
| 09/10/2024 | Warren | $716,472 | 57.78 | $12,400 | 57.00 | 127.6 | PI | $97 | Soybeans | 98.65 |
| 09/10/2024 | Logan | $2,758,096 | 156.71 | $17,600 | 155.42 | 141.9 | PI | $124 | Soybeans | 99.18 |
| 09/10/2024 | Logan | $2,758,096 | 156.71 | $17,600 | 155.42 | 141.9 | PI | $124 | Soybeans | 99.18 |
| 09/10/2024 | Moultrie | $300,000 | 20.00 | $15,000 | 20.00 | 139.0 | PI | $108 | Soybeans | 100.00 |
| 09/10/2024 | Piatt | $680,000 | 40.00 | $17,000 | 40.00 | 140.2 | PI | $121 | Corn | 100.00 |
| 09/10/2024 | Ford | $820,512 | 73.92 | $11,100 | 72.01 | 118.9 | PI | $93 | Soybeans | 97.42 |
| 09/10/2024 | Ford | $840,000 | 80.00 | $10,500 | 75.29 | 118.6 | PI | $89 | Corn | 94.1125 |
| 09/10/2024 | Ford | $848,000 | 80.00 | $10,600 | 78.77 | 110.7 | PI | $96 | Soybeans | 98.4625 |
| 09/12/2024 | Jo Daviess | $553,669 | 56.21 | $9,850 | 44.93 | 121.0 | PI | $81 | Soybeans | 79.93 |
| 09/12/2024 | Knox | $619,992 | 78.48 | $7,900 | 70.00 | 124.7 | PI | $63 | Corn | 89.19 |
| 09/12/2024 | Knox | $619,992 | 78.48 | $7,900 | 70.00 | 124.8 | PI | $63 | Corn | 89.19 |
| 09/12/2024 | Marshall | $928,680 | 85.21 | $10,900 | 79.53 | 120.5 | PI | $90 | Corn | 93.33 |
| 09/12/2024 | Marshall | $928,680 | 85.21 | $10,900 | 79.53 | 120.5 | PI | $90 | Corn | 93.33 |
| 09/12/2024 | Knox | $1,117,938 | 81.01 | $13,800 | 78.00 | 137.2 | PI | $101 | Corn | 96.28 |
| 09/12/2024 | Knox | $1,117,938 | 81.01 | $13,800 | 78.00 | 137.1 | PI | $101 | Corn | 96.28 |
| 09/13/2024 | McLean | $2,096,000 | 160.00 | $13,100 | 152.76 | 134.6 | PI | $97 | Soybeans | 95.48 |
| 09/13/2024 | McLean | $1,048,000 | 80.00 | $13,100 | 77.40 | 134.5 | PI | $97 | Soybeans | 96.75 |
| 09/18/2024 | Henry | $1,277,371 | 132.37 | $9,650 | 124.00 | 137.1 | PI | $70 | Corn | 93.68 |
| 09/18/2024 | Henry | $1,500,525 | 105.30 | $14,250 | 101.63 | 137.9 | PI | $103 | Corn | 96.51 |
| 09/18/2024 | Henry | $1,153,920 | 96.16 | $12,000 | 95.00 | 119.9 | PI | $100 | Corn | 98.79 |
| 09/18/2024 | Henry | $361,808 | 25.39 | $14,250 | 25.39 | 133.8 | PI | $107 | Corn | 100.00 |
| 09/18/2024 | Henry | $1,225,500 | 86.00 | $14,250 | 86.00 | 133.7 | PI | $107 | Soybeans | 100.00 |
| 09/18/2024 | De Witt | $1,000,300 | 57.16 | $17,500 | 57.16 | 139.7 | PI | $125 | Soybeans | 100 |
| 09/18/2024 | Mercer | $243,152 | 29.12 | $8,350 | 29.12 | 113.4 | PI | $74 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.8 | PI | $65 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.8 | PI | $65 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.8 | PI | $65 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.7 | PI | $65 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.7 | PI | $65 | Corn | 100.00 |
| 09/18/2024 | Mercer | $762,584 | 100.34 | $7,600 | 100.34 | 116.8 | PI | $65 | Corn | 100.00 |
| 09/24/2024 | Hancock | $401,100 | 28.65 | $14,000 | 28.00 | 136.2 | PI | $103 | Soybeans | 97.73 |
| 09/24/2024 | Piatt | $1,328,157 | 77.67 | $17,100 | 77.67 | 137.0 | PI | $125 | Corn | 100.00 |
| 09/24/2024 | Piatt | $517,120 | 32.32 | $16,000 | 32.32 | 139.4 | PI | $115 | Corn | 100.00 |
| 09/26/2024 | Marshall | $458,850 | 43.70 | $10,500 | 40.14 | 125.3 | PI | $84 | Corn | 91.85 |
| 09/26/2024 | Marshall | $1,638,765 | 121.39 | $13,500 | 116.04 | 137.6 | PI | $98 | Corn | 95.59 |
| Totals/Averages | $67,803,812 | 5255.68 | $13,081 | 5044.85 | 129.8 | $99.66 | 96.10 |