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.
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
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 Email: [email protected]
Market Trends and Future Projections:
Each month we like discuss current trends in Iowa farmland sales, highlighting patterns, emerging opportunities, and potential challenges.
Current Farmland Prices in Iowa: A 12-Month Overview
June Iowa Auction Results: Increase in Acres Sold
June Iowa Auction Results: 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.