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

Welcome to Our Monthly Iowa Farmland Value Report

In this monthly report, we dive into Iowa 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 Iowa. Contact us today for a free consultation.

June 2024 Iowa land prices

Understanding Iowa Farmland Values:

Factors Influencing Farmland Values in Iowa

Iowa’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.

In June 2024, Iowa’s Rural Mainstreet Index (RMI) rose to 48.0 from 40.6 in May, though farmland prices declined slightly to 50.9 from 52.2. The state’s new hiring index improved to 49.0 from 47.7. Notably, Iowa’s agricultural exports for 2024 year-to-date were up 20.3% compared to the same period in 2023. The overall economic sentiment in rural Iowa remains cautious amid fluctuating farmland prices and mixed economic indicators.

For more detailed information, visit the Creighton University Rural Mainstreet Economy page.

June saw an unexpected surge in farmland auctions in Iowa, with more acres than usual hitting the market. Families are keen to sell inherited land, even though the market is softer than in 2022 and 2023. High-quality farms are fetching strong prices, while mid to lower quality farms are seeing more cautious buyers. There’s been an increase in “No sales” in the first half of 2024, as sellers’ reserve prices are 10-20% higher than the highest bids. Understanding this gap is crucial for setting realistic reserve prices.

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 Per Acre of Farmland in Iowa

  • In the month of June, a total of 7,798 acres of land was sold in Iowa by auction
  • The current average per acre price for land in Iowa according to June Auction sales is $10,804 per acre
  • The highest selling farm in Iowa in the month of June sold on the 20th in Dallas County for $3,407,600.
    • This farm was sold by the auction method for $14,000 per acre and was 243.40 acres of farmland which has a soil score rating of 87.3 CSR2 calculating to be $178/CSR point on a 90% tillable farm in Central Iowa.
  • The highest dollars per acre farm in Iowa that sold in the month of June went to a 37.75 acre development and tillable farm in Dallas County near Van Meter, IA which sold for $24,300 per acre on June 12th, 2024 by auction.
  • See full results from all 84 tracts of farmland that sold in table at end of the page.
  • See how these averages compared to last month and a year ago below in next section below to see trend line history.
Jason J Smith

Jason J Smith

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.

Phone: 515-537-6633

Market Trends and Future Projections:

Each month we like discuss current trends in Iowa farmland sales, highlighting patterns, emerging opportunities, and potential challenges.

In June 2024, Iowa’s planting progress made significant strides despite facing some challenges. Warm and drier weather allowed farmers to complete crucial fieldwork, including the planting and replanting of corn and soybeans, though wet conditions initially limited activities. By mid-June, 93% of the corn crop had been planted with 89% emerged, slightly behind the five-year average. Similarly, 92% of the soybean crop had been planted, with 75% emerged​ (Iowa Agriculture)​​.

Farmers faced notable challenges during this period. The extremely wet weather in May, one of the wettest on record, caused planting delays and issues with standing water in fields, impacting the timeliness of planting and other field activities​​. Additionally, severe flooding in northwest Iowa is expected to impact crop yields this harvest. Farmers in the affected areas might experience reduced yields, leading to an increased reliance on crop insurance payouts. These insurance payments can provide financial stability and potentially influence land prices positively​.

Looking ahead, the availability of crop insurance money might help stabilize land prices and could enable farmers to invest in more land this fall. This financial support, combined with the current market conditions, may drive increased land transactions and influence overall land market dynamics in Iowa. The favorable weather outlook into the second half of June, with warmer temperatures and better chances of showers and thunderstorms, also bodes well for completing necessary fieldwork and improving crop conditions​​.

Current Farmland Prices in Iowa: A 12-Month Overview

Explore the accompanying graph to gain insights into the average farmland prices in Iowa over the past year. In June, the average price per tillable acre picked back up to $10,804. A year ago however, the average price per tillable acre was $12,346 in June 2023. If you’re contemplating selling your farm, feel free to reach out to us for an expert opinion on its current market value.

Iowa June 2024 land Price per acre

June Iowa Auction Results: Increase in Acres Sold

The volume of acres sold in June showed an increase from last month. In May, 3,583.69 acres sold at auction and in June 7,798 acres were sold. If you’re contemplating selling, now is an opportune time to connect with us and delve 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!

Number of acres sold at auction in Iowa June 2024

June Iowa Auction Results: Average Price Per CSR2 Point

The price per CSR2 point increased by $2 from May to $164 CSR2 point in June. Comparatively, the price per CSR2 point was $162.09 a year ago. This metric plays a crucial role in determining the overall value of your farm. If you’re unsure about your farm’s CSR2 soil rating, don’t hesitate to contact us for a soil map and evaluation, especially if you’re considering selling land in Iowa.

Iowa average Price per CSR2 point

Recently Sold Land in Iowa Price Results

SALE DATE COUNTY LAND TYPE SOLD ACRES $ PER ACRE TILLABLE CSR2 TILLABLE ACRES $/TILLABLE CSR2 TOTAL
6/05/2024 Jasper Tillable 160 $14,000 83.3 151.55 $177 2240000
6/05/2024 Osceola Tillable 73.16 $13,800 80.2 73.16 $172 1009608
6/05/2024 Guthrie Tillable 151.48 $13,600 74.1 133.81 $208 2060128
6/05/2024 Osceola Tillable 73 $12,650 71.4 73 $178 923450
6/05/2024 Guthrie Pasture 152.00 $6,700 52.9 151.07 $127 1018400
6/06/2024 O'Brien Tillable 80.11 $15,800 94 80.11 $168 1265738
6/06/2024 O'Brien Tillable 80.45 $14,000 93.8 76.16 $158 1126300
6/06/2024 Floyd Tillable 118.00 $13,700 88.1 116.50 $158 1616600
6/06/2024 Floyd Tillable 120.00 $13,200 86.4 116.90 $157 1584000
6/06/2024 Cerro Gordo Tillable 160.00 $12,100 80.3 152.92 $158 1936000
6/06/2024 Floyd Tillable 88.00 $11,700 88.7 84.90 $137 1029600
6/06/2024 Cerro Gordo Tillable 40.00 $9,900 71 37.68 $148 396000
6/07/2024 Buena Vista Tillable 76 $11,500 82.4 74.6 $142 874000
6/07/2024 Buena Vista Tillable 75.00 $10,600 83.9 70.89 $134 795000
6/07/2024 Buena Vista Tillable 158.81 $10,000 82.4 158.81 $121 1588100
6/08/2024 Union CRP 77.70 $6,600 58.1 66 $134 512820
6/11/2024 Washington Tillable-Farmstead 76.50 $15,350 83.1 67.59 $209 1174275
6/11/2024 Washington Tillable 103.00 $14,975 81.4 100.63 $188 1542425
6/11/2024 Washington Tillable-Pasture 79.00 $13,250 84.9 66.25 $186 1046750
6/11/2024 Dallas Tillable-CRP 154.40 $12,200 87.5 148.26 $145 1883680
6/11/2024 Clay Tillable-CRP 160.00 $10,150 87.8 136.22 $136 1624000
6/11/2024 Washington Tillable-Pasture 129.50 $7,325 68.6 67.78 - 948587.5
6/12/2024 Dallas Development-Tillable 37.75 $24,300 85.9 28.89 - 917325
6/12/2024 Appanoose Site 2.60 $16,250 - - - 42250
6/12/2024 Louisa Tillable 117.52 $13,000 86.4 117.52 $150 1527760
6/12/2024 Madison Tillable 122.00 $12,700 84.6 113.71 $161 1549400
6/12/2024 Louisa Tillable 73.54 $12,600 86.9 71.90 $148 926604
6/12/2024 Des Moines Site 11 $12,000 64 8.26 $250 132000
6/12/2024 Winnebago Tillable 45.00 $10,300 74.2 44.06 $142 463500
6/12/2024 Appanoose Site-Recreation 8.40 $8,500 - - - 71400
6/12/2024 Appanoose Tillable 25.20 $7,950 72.3 24.56 $113 200340
6/12/2024 Madison Pasture-Tillable 278.00 $6,900 70.5 101.22 - 1918200
6/12/2024 Appanoose Hay 36.10 $6,400 39.6 27.7 $211 231040
6/12/2024 Appanoose Recreation-Pasture 38.60 $6,100 - - - 235460
6/12/2024 Appanoose Tillable-Pasture 100.80 $5,850 54.9 89.37 $120 589680
6/12/2024 Appanoose Hay-Pasture-Tillable 123.60 $5,150 49.3 35.27 - 636540
6/12/2024 Appanoose Pasture 104.50 $4,700 35.6 27.86 - 491150
6/12/2024 Appanoose Hay 119.00 $4,550 41.1 85.21 - 541450
6/12/2024 Appanoose Site-Recreation 13.70 $4,500 - - - 61650
6/13/2024 Fremont Tillable 84.05 $16,250 93.7 79 $185 1365812.5
6/13/2024 Fremont Tillable 66.6 $15,900 90.1 66.43 $177 1058940
6/13/2024 Fremont Tillable 73 $14,100 82.6 70.25 $176 1029300
6/13/2024 Fremont CRP 72.36 $10,600 86.6 68.5 $129 767016
6/14/2024 Franklin Tillable 115.00 $13,800 86 110.6 $167 1587000
6/14/2024 Wright Tillable 41.26 $12,700 82.6 39.79 $159 524002
6/18/2024 Des Moines Tillable 88.46 $16,875 89.4 84.67 $197 1492762.5
6/18/2024 Des Moines Tillable 90.96 $16,525 83 90.65 $200 1503114
6/18/2024 Des Moines Tillable 30.46 $15,250 77.2 28.74 $209 464515
6/18/2024 Des Moines Tillable 80.32 $14,425 81.7 73.31 $193 1158616
6/18/2024 Warren Tillable 73.26 $9,400 65.6 64.08 $81 688644
6/18/2024 Marion Tillable 40.00 $8,500 70.2 31.75 $153 340000
6/18/2024 Wapello Recreation 33.00 $6,900 - 2.55 - 227700
6/19/2024 Sac Tillable 36.69 $20,000 86.5 34.80 $244 733800
6/19/2024 Ida Tillable 159.00 $14,400 85 149.67 $180 2289600
6/19/2024 Kossuth Tillable-Organic 128.97 $13,500 73.3 126.00 $189 1741095
6/19/2024 Pocahontas Tillable 75.93 $12,500 83.9 74.50 $152 949125
6/19/2024 Taylor Tillable-CRP 159.41 $8,550 82.8 138.63 $119 1362955.5
6/19/2024 Taylor Tillable-CRP 156.75 $7,400 70.3 128.97 $128 1159950
6/20/2024 Dallas Tillable 61.31 $14,500 87 60.30 $169 888995
6/20/2024 Dallas Tillable 243.40 $14,000 87.3 219.85 $178 3407600
6/20/2024 Dallas Tillable 80.50 $10,700 80 69.01 $156 861350
6/25/2024 Henry Tillable 146.00 $15,300 75.8 142.25 $207 2233800
6/25/2024 Lee Tillable 69.00 $14,500 66.5 67.54 $223 1000500
6/25/2024 Buchanan Tillable 48.29 $13,500 84.6 48.00 $161 651915
6/25/2024 Henry Tillable 106.00 $12,000 73.2 105.83 $164 1272000
6/25/2024 Cass Tillable 76.00 $11,250 76.6 70.73 $158 855000
6/25/2024 Buchanan Tillable 304.00 $10,500 83 288.28 $133 3192000
6/25/2024 Lucas Tillable 40.00 $9,550 49.7 35.12 $219 382000
6/25/2024 Louisa Tillable-Pasture 130.00 $8,100 73.1 79.65 - 1053000
6/25/2024 Wayne Tillable 155.00 $7,250 45.1 142.97 $174 1123750
6/25/2024 Adair Tillable 35.00 $7,000 53.4 32.81 $140 245000
6/25/2024 Buchanan Pasture 26.22 $4,500 - - 117990
6/26/2024 Mills Tillable 80.00 $12,600 75.4 73.30 $182 1008000
6/26/2024 Mills Tillable 146.73 $11,900 76.4 135.5 $169 1746087
6/26/2024 Warren Tillable 101.66 $7,300 68.4 76.36 - 742118
6/26/2024 Union Tillable 78 $5,400 53.8 74.85 $105 421200
6/27/2024 Audubon Tillable 70 $10,100 63.9 55 - 707000
6/27/2024 Madison Tillable 26.76 $9,700 79 24.96 $132 259572
6/27/2024 Clarke Tillable 138.13 $5,500 28.4 108.62 - 759715
6/28/2024 Guthrie Tillable 74.00 $13,900 78.7 70.15 $186 1028600
6/28/2024 Union Tillable 40.00 $10,550 72.8 37.00 $157 422000
6/28/2024 Jasper Tillable 124.80 $7,933 53.83 92.00 - 990038.4
6/28/2024 Jasper Recreation-Pasture 111.50 $4,915 27.5 12.00 - 548022.5
6/28/2024 Jasper Woods 37.00 $4,865 - - - 180005
Totals/Averages 7798 $10,804 73.9 6565.29 $164 85272415.9

Navigating the Selling Process:

Tips for Selling Your Farm in Iowa

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 Iowa

Meet our team of Iowa 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 Iowa 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:

Iowa 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 Iowa farmland.