Unlocking the Value of Iowa Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - October 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
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. Iowa’s RMI fell from 44.0 in September to 37.1, with farmland prices following suit—declining to 38.6 from 45.7. This downward trend in farmland values, alongside weak agricultural commodity prices, high input costs, and slow equipment sales, continues to put strain on farm profitability.
While Iowa’s new hiring index rose slightly in October, the regional agriculture economy faces bigger pressures. A survey of rural bank CEOs highlighted farmer struggles with below-breakeven grain prices, making farm cash flows tight despite good corn and soybean yields. Bankers reported that only 18% of recent farmland buyers were non-farmers, reflecting reduced investor demand likely due to higher interest rates and reduced profitability in agriculture. As farm incomes struggle, loan demand has increased; however, farm equipment sales remain low, with the equipment index at just 18.8.
Despite these challenging conditions, some positive movement was seen in retail and home sales indexes, though both remain weak. Regional bankers maintain a cautious outlook, with the confidence index rising slightly to 29.6 but still reflecting low expectations for growth. As Iowa’s agricultural economy navigates these difficulties, the ongoing pressures stress the importance of carefully monitoring the farmland market and rural economic indicators in the months ahead.
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.
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 October, a total of 8,051 acres of 80% of more tillable farmland was sold in Iowa by auction
- The current average per acre price for land in Iowa according to October Auction sales is $11,326 per acre
- The highest selling farm in Iowa in the month of October sold on the 24th in Cerro Gordo County for $5,096,013.84.
- This farm was sold by the auction method for $8,028 per acre and was 634.78 acres of farmland which has a soil score rating of 60.7 CSR2 calculating to be $160/CSR point.
- The highest dollars per acre farm in Iowa that sold in the month of October went to a 137.06 acre tillable farm in Sioux County which sold for $20,500 per acre on October 28th, 2024 by auction.This farm has a 89.9 CSR2 which totals to be $232/CSR2.
- See full results from all 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]
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 October, the average price per tillable acre fell from $11,930/acre to $11,326/acre for 80% or more tillable farms. A year ago, the average price per tillable acre was $12,091.40/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.
Monthly Number of Acres Sold At Auction 80% or more Tillable Farms
The volume of acres sold in October showed an increase from last month. In September, 7,891 acres sold at auction and in October 8,051 acres were sold compared to 4,741 acres a year ago. 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 Iowa Auction Results: Average Price Per CSR2 Point
The price per CSR2 point of $164 stayed the same from September to October . Comparatively, the price per CSR2 point was $157 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 CSR2 soil rating, don’t hesitate to contact us for a soil map and evaluation, especially if you’re considering selling land in Iowa.
Recently Sold Land in Iowa Price Results
| Date | County | Acres | $/Acre | CSR2 | Tillable Acres | $/CSR2 | % Tillable | Total | Type |
|---|---|---|---|---|---|---|---|---|---|
| 10/1/2024 | Kossuth | 154 | $12,300.00 | 86 | 132.06 | $167.00 | 85.75 | $1,894,200.00 | Tillable |
| 10/2/2024 | Wright | 378.36 | $11,900.00 | 75.9 | 363.47 | $163.00 | 96.06 | $4,502,484.00 | Tillable |
| 10/2/2024 | Wright | 160 | $14,900.00 | 87 | 158.66 | $173.00 | 99.16 | $2,384,000.00 | Tillable |
| 10/3/2024 | Jasper | 79 | $11,750.00 | 71.4 | 73.4 | $177.00 | 92.91 | $928,250.00 | Tillable |
| 10/3/2024 | Jasper | 99.4 | $12,500.00 | 63.4 | 94.89 | $207.00 | 95.46 | $1,242,500.00 | Tillable |
| 10/4/2024 | Pottawattamie | 90.71 | $17,900.00 | 91.1 | 82.41 | $216.00 | 90.85 | $1,623,709.00 | Tillable |
| 10/4/2024 | Cherokee | 119.23 | $14,000.00 | 90 | 113.77 | $163.00 | 95.42 | $1,669,220.00 | Tillable |
| 10/4/2024 | Madison | 102.6 | $16,500.00 | 83.2 | 98.64 | $206.00 | 96.14 | $1,692,900.00 | Tillable |
| 10/4/2024 | Cherokee | 80 | $15,300.00 | 91 | 78.07 | $172.00 | 97.59 | $1,224,000.00 | Tillable |
| 10/4/2024 | Iowa | 140 | $11,000.00 | 72.2 | 138 | $155.00 | 98.57 | $1,540,000.00 | Tillable |
| 10/8/2024 | Clinton | 20.24 | $19,300.00 | 70.9 | 19.21 | $287.00 | 94.91 | $390,632.00 | Tillable |
| 10/8/2024 | Clinton | 150.61 | $18,500.00 | 83.8 | 146.2 | $227.00 | 97.07 | $2,786,285.00 | Tillable |
| 10/9/2024 | Page | 358 | $7,100.00 | 71.4 | 315.05 | $113.00 | 88.00 | $2,541,800.00 | Tillable |
| 10/9/2024 | O'Brien | 51.24 | $13,700.00 | 95.1 | 46.16 | $160.00 | 90.09 | $701,988.00 | Tillable |
| 10/9/2024 | Chickasaw | 152.46 | $13,500.00 | 86.6 | 138.51 | $172.00 | 90.85 | $2,058,210.00 | Tillable |
| 10/9/2024 | Shelby | 131.46 | $13,500.00 | 60.4 | 124.74 | $236.00 | 94.89 | $1,774,710.00 | Tillable |
| 10/9/2024 | Shelby | 73.48 | $11,300.00 | 49.5 | 70.6 | $238.00 | 96.08 | $830,324.00 | Tillable |
| 10/9/2024 | Shelby | 162.45 | $12,800.00 | 56.9 | 161.31 | $227.00 | 99.30 | $2,079,360.00 | Tillable |
| 10/10/2024 | Monroe | 47 | $7,340.00 | 57.9 | 41 | $146.00 | 87.23 | $344,980.00 | Tillable |
| 10/10/2024 | Buena Vista | 184.61 | $10,600.00 | 88.8 | 181.2 | $122.00 | 98.15 | $1,956,866.00 | Tillable |
| 10/10/2024 | Monroe | 12 | $8,333.00 | 59.8 | 12 | $139.00 | 100.00 | $99,996.00 | Tillable |
| 10/10/2024 | Monroe | 24 | $7,500.00 | 64.7 | 24 | $116.00 | 100.00 | $180,000.00 | Tillable |
| 10/11/2024 | Cass | 30 | $6,700.00 | 56.3 | 26.19 | $136.00 | 87.30 | $201,000.00 | CRP |
| 10/11/2024 | Wayne | 15.9 | $8,700.00 | 61.8 | 13.94 | $161.00 | 87.67 | $138,330.00 | Tillable |
| 10/11/2024 | Wayne | 120.41 | $6,300.00 | 45.6 | 110.49 | $151.00 | 91.76 | $758,583.00 | Tillable |
| 10/11/2024 | Cass | 156 | $7,100.00 | 55.7 | 143.5 | $139.00 | 91.99 | $1,107,600.00 | Tillable |
| 10/11/2024 | Wayne | 49.34 | $6,300.00 | 47.7 | 45.81 | $142.00 | 92.85 | $310,842.00 | Tillable |
| 10/11/2024 | Wayne | 51.42 | $5,900.00 | 42.7 | 48.65 | $146.00 | 94.61 | $303,378.00 | Tillable-Pasture |
| 10/11/2024 | Wayne | 17.81 | $9,400.00 | 57.3 | 16.91 | $173.00 | 94.95 | $167,414.00 | Tillable |
| 10/12/2024 | Keokuk | 75.5 | $8,500.00 | 64 | 60.39 | $166.00 | 79.99 | $641,750.00 | Tillable |
| 10/12/2024 | Keokuk | 141 | $14,700.00 | 79 | 134.4 | $195.00 | 95.32 | $2,072,700.00 | Tillable |
| 10/14/2024 | Buchanan | 95.25 | $14,400.00 | 87 | 94.12 | $168.00 | 98.81 | $1,371,600.00 | Tillable |
| 10/15/2024 | Adams | 134.66 | $6,700.00 | 58.1 | 118.94 | $131.00 | 88.33 | $902,222.00 | Tillable |
| 10/15/2024 | Adams | 90.42 | $8,100.00 | 57.8 | 85.38 | $148.00 | 94.43 | $732,402.00 | Tillable |
| 10/15/2024 | Adams | 93.6 | $8,200.00 | 76.2 | 89 | $113.00 | 95.09 | $767,520.00 | Tillable |
| 10/15/2024 | Adams | 114.83 | $10,100.00 | 81 | 114 | $126.00 | 99.28 | $1,159,783.00 | Tillable |
| 10/16/2024 | Greene | 80 | $13,500.00 | 76.3 | 78.58 | $180.00 | 98.23 | $1,080,000.00 | Tillable |
| 10/18/2024 | Franklin | 42 | $13,100.00 | 86.6 | 40.75 | $156.00 | 97.02 | $550,200.00 | Tillable |
| 10/18/2024 | Franklin | 142 | $10,000.00 | 85.8 | 140 | $118.00 | 98.59 | $1,420,000.00 | Tillable |
| 10/18/2024 | Franklin | 130 | $12,000.00 | 80.8 | 128.56 | $150.00 | 98.89 | $1,560,000.00 | Tillable |
| 10/18/2024 | Hardin | 131 | $10,500.00 | 85.8 | 131 | $122.00 | 100.00 | $1,375,500.00 | Tillable |
| 10/22/2024 | Palo Alto | 213 | $11,200.00 | 79.5 | 201.03 | $149.00 | 94.38 | $2,385,600.00 | Tillable |
| 10/22/2024 | Benton | 147.41 | $15,100.00 | 87.5 | 146.9 | $173.00 | 99.65 | $2,225,891.00 | Tillable-CRP |
| 10/23/2024 | Monona | 21.18 | $10,200.00 | 53.8 | 20.69 | $194.00 | 97.69 | $216,036.00 | Tillable-CRP |
| 10/24/2024 | Decatur | 116 | $7,050.00 | 72.3 | 95 | $119.00 | 81.90 | $817,800.00 | Tillable |
| 10/24/2024 | Cerro Gordo | 634.78 | $8,028.00 | 60.7 | 525.5 | $160.00 | 82.78 | $5,096,013.84 | Tillable |
| 10/24/2024 | Ringgold-Decatur | 132 | $6,550.00 | 51.5 | 119 | $141.00 | 90.15 | $864,600.00 | Tillable |
| 10/24/2024 | Jasper | 137 | $9,100.00 | 74.5 | 126.63 | $132.00 | 92.43 | $1,246,700.00 | Tillable |
| 10/24/2024 | Decatur | 78 | $7,250.00 | 63.9 | 72.85 | $121.00 | 93.40 | $565,500.00 | Tillable |
| 10/24/2024 | Poweshiek | 40 | $11,300.00 | 68.5 | 38.37 | $172.00 | 95.93 | $452,000.00 | Tillable |
| 10/24/2024 | Decatur | 180 | $6,350.00 | 55.8 | 175 | $117.00 | 97.22 | $1,143,000.00 | Tillable |
| 10/25/2024 | Iowa | 80 | $8,400.00 | 58.7 | 75.33 | $152.00 | 94.16 | $672,000.00 | Tillable |
| 10/25/2024 | Iowa | 157 | $17,000.00 | 67.9 | 151.9 | $259.00 | 96.75 | $2,669,000.00 | CRP |
| 10/28/2024 | Sioux | 137.06 | $20,500.00 | 89.9 | 134.67 | $232.00 | 98.26 | $2,809,730.00 | Tillable |
| 10/29/2024 | O'Brien | 40 | $14,750.00 | 94.9 | 37.96 | $164.00 | 94.90 | $590,000.00 | Tillable |
| 10/29/2024 | Mitchell | 155.29 | $15,300.00 | 92.1 | 148.88 | $173.00 | 95.87 | $2,375,937.00 | Tillable |
| 10/29/2024 | O'Brien | 40 | $14,350.00 | 96.7 | 38.97 | $152.00 | 97.43 | $574,000.00 | Tillable |
| 10/30/2024 | Marion | 88 | $12,400.00 | 76.9 | 71.91 | $197.00 | 81.72 | $1,091,200.00 | Tillable-CRP |
| 10/30/2024 | Iowa | 156 | $5,900.00 | 59.6 | 132.22 | $117.00 | 84.76 | $920,400.00 | Tillable |
| 10/30/2024 | Marion | 147 | $15,600.00 | 76.6 | 131 | $229.00 | 89.12 | $2,293,200.00 | Tillable-CRP-Development |
| 10/30/2024 | Iowa | 75 | $6,500.00 | 65.5 | 69.88 | $107.00 | 93.17 | $487,500.00 | Tillable |
| 10/30/2024 | Adair | 80 | $12,300.00 | 75.7 | 75.39 | $172.00 | 94.24 | $984,000.00 | Tillable |
| 10/30/2024 | Benton | 100 | $12,000.00 | 88.7 | 95.09 | $142.00 | 95.09 | $1,200,000.00 | Tillable |
| 10/30/2024 | Benton | 115.44 | $13,200.00 | 88.8 | 111.65 | $154.00 | 96.72 | $1,523,808.00 | Tillable |
| 10/30/2024 | Jasper | 127.32 | $15,800.00 | 77.4 | 124.94 | $208.00 | 98.13 | $2,011,656.00 | Tillable |
| 10/30/2024 | Benton | 90 | $12,500.00 | 88.7 | 89.61 | $142.00 | 99.57 | $1,125,000.00 | Tillable |
| 10/30/2024 | Iowa | 20 | $10,000.00 | 69.8 | 20 | $143.00 | 100.00 | $200,000.00 | Tillable |
| 10/30/2024 | Hardin | 75.83 | $12,700.00 | 89.7 | 76.16 | $141.00 | 100.44 | $963,041.00 | Recreation-Tillable-Site |
| 10/31/2024 | Henry | 25.78 | $5,800.00 | 45 | 21.76 | $129.00 | 84.41 | $149,524.00 | Recreation-Hay-Tillable |
| 10/31/2024 | Osceola | 160.34 | $14,000.00 | 96.5 | 151.1 | $154.00 | 94.24 | $2,244,760.00 | CRP-Site |
| Averages/Totals | 8,051.42 | $11,326.00 | 72.99 | 7,513.35 | $164.00 | 94.06 | $90,965,134.84 |
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.