Unlocking the Value of Iowa Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights - September 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.
September’s RMI for the state of Iowa decreased very slightly to 44.0 from 44.2 in August. Iowa’s farmland price index for September also decreased from 47.2 to 45.7. Iowa’s new hiring index for September rose to 52.4 from 51.6 in August.
For more detailed information, visit the Creighton University Rural Mainstreet Economy page.
Families of inherited land are selling, 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” throughout 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 September, a total of 7,891 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 September Auction sales is $11,930 per acre
- The highest selling farm in Iowa in the month of September sold on the 5th in Buena Vista County for $4,506,048.
- This farm was sold by the auction method for $14,400 per acre and was 312.92 acres of farmland which has a soil score rating of 97.5 CSR2 calculating to be $171/CSR point.
- The highest dollars per acre farm in Iowa that sold in the month of September went to a 77.5 acre tillable farm in Washington County which sold for $19,200 per acre on Septmeber 27th, 2024 by auction.
- 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]
What Will Iowa Farmland Prices Do Rest of 2024?
Market Trends and Influences: Iowa farmland prices have been impacted by interest rate changes, crop prices, and general economic factors. In the past 6 months, prices have decreased 5% in Iowa according to the Iowa Realtors Institute’s Survey. Read more about the decrease and survey results here in our blog.
Regional Variations: Northern and Northwestern Iowa often see strong land prices due to high demand for fertile corn and soybean ground, especially in areas with strong local economies or established agribusinesses. South-central and southeastern regions may see softer prices due to variations in soil quality and demand.
Land Use Changes: There’s also been ongoing interest in land suited for recreational use and hunting, which can increase prices in the southern regions. Properties near metropolitan areas, like Des Moines, often see higher demand and prices due to interest in residential development or hobby farms. Our blog focuses mostly on 80% or more tillable farmland auction sales results but we can help you determine what your recreational, developement or residental land is worth by requestions a market analysis report and consultaiton with one of our local agents.
Auction Popularity: September has been a busy auction month as many sellers aim to close before year-end, which is typical. November is the busiest month for farmland auction and sales so make sure to look for our future blogs for resutls! With this year being an election year, we are curious as to how many acres will sell last few months in 2024 and if prices will increase or decrease depending on the results of the election. Now is the time to start getting your farmland auction booked for 2025! We like to get drone footage before snowfall to make for nicer marketing materials so if you’re thinking of selling soon reach out to get started on the selling journey with our team at DreamDirt!
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 September, the average price per tillable acre fell from $13,667 to $11,930/acre for 80% or more tillable farms. A year ago, the average price per tillable acre was $12,134/acre in September 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 September showed an increase from last month. In August, 3,621 acres sold at auction and in September 7,891 acres were sold. 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 decrease by $3 from August to $164 CSR2 point in September. Comparatively, the price per CSR2 point was $163.73 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 | Land Type | Acres | $/Acre | CSR2 | Tillable Acres | $/CSR2 | Percent Tillable | Total |
|---|---|---|---|---|---|---|---|---|---|
| 09/4/2024 | Emmet | Tillable | 160.68 | $10,000.00 | 81.6 | 154.67 | $127.00 | 96.26 | $1,606,800.00 |
| 09/4/2024 | Osceola | Tillable | 127.21 | $16,600.00 | 97.5 | 122.82 | $176.00 | 96.55 | $2,111,686.00 |
| 09/4/2024 | Emmet | Tillable | 154.84 | $11,400.00 | 84.8 | 150.5 | $138.00 | 97.20 | $1,765,176.00 |
| 09/4/2024 | Osceola | Tillable | 80.84 | $17,200.00 | 97.5 | 79.31 | $180.00 | 98.11 | $1,390,448.00 |
| 09/5/2024 | Mahaska | Tillable | 91.21 | $14,300.00 | 85.5 | 81.82 | $186.00 | 89.71 | $1,304,303.00 |
| 09/5/2024 | Dubuque | Tillable | 76.59 | $17,500.00 | 54.4 | 69.57 | $354.00 | 90.83 | $1,340,325.00 |
| 09/5/2024 | Buena Vista | Tillable | 39.27 | $13,700.00 | 84.1 | 36 | $178.00 | 91.67 | $537,999.00 |
| 09/5/2024 | Adams | Tillable | 151.59 | $7,050.00 | 55.6 | 140.23 | $137.00 | 92.51 | $1,068,710.00 |
| 09/5/2024 | Hancock | Tillable | 80.00 | $14,000.00 | 86.1 | 76.52 | $170.00 | 95.65 | $1,120,000.00 |
| 09/5/2024 | Story | Tillable | 76.80 | $12,900.00 | 85.8 | 73.59 | $157.00 | 95.82 | $990,720.00 |
| 09/5/2024 | Buena Vista | Tillable | 156.87 | $13,200.00 | 79.8 | 151.51 | $171.00 | 96.58 | $2,070,684.00 |
| 09/5/2024 | Hancock | Tillable | 80.00 | $13,900.00 | 85.8 | 77.85 | $166.00 | 97.31 | $1,112,000.00 |
| 09/5/2024 | Buena Vista | Tillable | 312.92 | $14,400.00 | 86.5 | 305.1 | $171.00 | 97.50 | $4,506,048.00 |
| 09/5/2024 | Buena Vista | Tillable | 227.86 | $13,500.00 | 82.4 | 223.3 | $167.00 | 98.00 | $3,076,110.00 |
| 09/5/2024 | Story | Tillable | 80.00 | $12,400.00 | 86.8 | 79.05 | $145.00 | 98.81 | $992,000.00 |
| 09/5/2024 | Clay | Tillable | 120.24 | $15,600.00 | 96.1 | 118.85 | $164.00 | 98.84 | $1,875,744.00 |
| 09/5/2024 | Clay | Tillable | 120.09 | $16,700.00 | 95.4 | 118.85 | $177.00 | 98.97 | $2,005,503.00 |
| 09/6/2024 | Poweshiek | Tillable | 120.00 | $9,600.00 | 58 | 108 | $184.00 | 90.00 | $1,152,000.00 |
| 09/6/2024 | Wayne | Hay-Tillable | 80.00 | $7,000.00 | 55.9 | 73.5 | $136.00 | 91.88 | $560,000.00 |
| 09/6/2024 | Polk-Jasper | Tillable | 180.00 | $6,400.00 | 63 | 165.93 | $110.00 | 92.18 | $1,152,000.00 |
| 09/6/2024 | Jasper | Tillable | 100.00 | $8,000.00 | 64.7 | 93.8 | $132.00 | 93.80 | $800,000.00 |
| 09/6/2024 | Lyon | Tillable | 114.55 | $17,600.00 | 94.2 | 109.36 | $196.00 | 95.47 | $2,016,080.00 |
| 09/6/2024 | Jasper | Tillable | 37.00 | $12,200.00 | 88.6 | 35.6 | $143.00 | 96.22 | $451,400.00 |
| 09/6/2024 | Sac | Tillable | 151.32 | $16,900.00 | 92.1 | 145.71 | $191.00 | 96.29 | $2,557,308.00 |
| 09/9/2024 | Woodbury | Tillable | 67.75 | $8,100.00 | 63.7 | 64.81 | $133.00 | 95.66 | $548,775.00 |
| 09/10/2024 | Keokuk | Tillable | 76.76 | $9,175.00 | 75.1 | 63 | $149.00 | 82.07 | $704,273.00 |
| 09/10/2024 | Henry | Hay-Tillable | 40.00 | $5,600.00 | 38.4 | 33.05 | $177.00 | 82.63 | $224,000.00 |
| 09/10/2024 | Henry | Tillable | 40.00 | $7,300.00 | 40.2 | 35.74 | $203.00 | 89.35 | $292,000.00 |
| 09/10/2024 | Fayette | Tillable | 40 | $9,500.00 | 86.5 | 37.83 | $116.00 | 94.58 | $380,000.00 |
| 09/10/2024 | Greene | Tillable | 40.00 | $11,950.00 | 86.9 | 38.1 | $144.00 | 95.25 | $478,000.00 |
| 09/10/2024 | Fayette | Tillable | 89 | $10,750.00 | 86 | 85.41 | $130.00 | 95.97 | $956,750.00 |
| 09/10/2024 | Fayette | Tillable | 37 | $9,000.00 | 65 | 35.77 | $143.00 | 96.68 | $333,000.00 |
| 09/10/2024 | Fayette | Tillable | 72 | $10,500.00 | 88.2 | 69.77 | $123.00 | 96.90 | $756,000.00 |
| 09/10/2024 | Fayette | Tillable | 40 | $11,000.00 | 88.2 | 38.77 | $129.00 | 96.93 | $440,000.00 |
| 09/10/2024 | Henry | Tillable | 143.00 | $9,000.00 | 55.2 | 139.32 | $167.00 | 97.43 | $1,287,000.00 |
| 09/10/2024 | Greene | Tillable | 93.16 | $12,700.00 | 87.9 | 92 | $146.00 | 98.75 | $1,183,132.00 |
| 09/10/2024 | Marshall | Tillable | 30.9 | $14,000.00 | 91.2 | 30.57 | $155.00 | 98.93 | $432,600.00 |
| 09/10/2024 | Marshall | Tillable | 68.51 | $12,800.00 | 75.2 | 68.47 | $170.00 | 99.94 | $876,928.00 |
| 09/10/2024 | Marshall | Tillable | 32.78 | $11,700.00 | 69.2 | 32.78 | $169.00 | 100.00 | $383,526.00 |
| 09/11/2024 | Monona | Tillable | 123.51 | $7,525.00 | 71.4 | 119.65 | $109.00 | 96.87 | $929,413.00 |
| 09/12/2024 | Wright | Tillable | 154.83 | $9,500.00 | 82.6 | 143.7 | $124.00 | 92.81 | $1,470,885.00 |
| 09/12/2024 | Kossuth | Tillable | 98.51 | $11,300.00 | 82.1 | 98.51 | $138.00 | 100.00 | $1,113,163.00 |
| 09/13/2024 | Crawford | Tillable-Pasture-Farmstead | 144.75 | $12,700.00 | 78.9 | 121.96 | $191.00 | 84.26 | $1,838,325.00 |
| 09/13/2024 | Dallas | Tillable | 120.00 | $12,800.00 | 85.8 | 115.47 | $155.00 | 96.23 | $1,536,000.00 |
| 09/13/2024 | Butler | Tillable | 110.00 | $9,200.00 | 64.9 | 106 | $147.00 | 96.36 | $1,012,000.00 |
| 09/13/2024 | Franklin | Tillable | 160.00 | $13,600.00 | 76.7 | 154.66 | $183.00 | 96.66 | $2,176,000.00 |
| 09/13/2024 | Floyd | Tillable | 40.00 | $9,700.00 | 67.8 | 38.84 | $147.00 | 97.10 | $388,000.00 |
| 09/13/2024 | Butler | Tillable | 40.00 | $8,000.00 | 70.1 | 39.9 | $114.00 | 99.75 | $320,000.00 |
| 09/13/2024 | Butler | Tillable | 44.00 | $11,200.00 | 75.5 | 44 | $148.00 | 100.00 | $492,800.00 |
| 09/14/2024 | Crawford | Tillable | 156.00 | $13,800.00 | 79.4 | 149.67 | $181.00 | 95.94 | $2,152,800.00 |
| 09/17/2024 | O'Brien | Tillable | 80.00 | $15,900.00 | 96.7 | 75.43 | $174.00 | 94.29 | $1,272,000.00 |
| 09/17/2024 | Jackson | Tillable | 53.39 | $8,300.00 | 30.7 | 52.5 | $275.00 | 98.33 | $443,137.00 |
| 09/18/2024 | Sioux | Tillable | 79 | $10,845.00 | 52 | 70.42 | $234.00 | 89.14 | $856,755.00 |
| 09/18/2024 | Clay | Tillable | 80.00 | $16,400.00 | 96.7 | 77.7 | $175.00 | 97.13 | $1,312,000.00 |
| 09/18/2024 | Clinton | Tillable | 78.97 | $18,100.00 | 93.2 | 76.79 | $200.00 | 97.24 | $1,429,357.00 |
| 09/18/2024 | Clay | Tillable | 80.00 | $15,500.00 | 94.7 | 78.9 | $166.00 | 98.63 | $1,240,000.00 |
| 09/18/2024 | Sac | Tillable | 63.99 | $10,200.00 | 81.8 | 63.99 | $125.00 | 100.00 | $652,698.00 |
| 09/18/2024 | Sac | Tillable | 68.33 | $11,100.00 | 84.1 | 68.33 | $132.00 | 100.00 | $758,463.00 |
| 09/18/2024 | Sac | Tillable | 80.00 | $10,700.00 | 81.7 | 80 | $131.00 | 100.00 | $856,000.00 |
| 09/18/2024 | Sac | Tillable | 80 | $11,300.00 | 84.6 | 80 | $134.00 | 100.00 | $904,000.00 |
| 09/19/2024 | Jefferson | Tillable | 38.45 | $10,100.00 | 62.1 | 31.43 | $199.00 | 81.74 | $388,345.00 |
| 09/19/2024 | Monona | Tillable-Pasture | 84.62 | $7,400.00 | 46.5 | 69.95 | $193.00 | 82.66 | $626,188.00 |
| 09/19/2024 | Mitchell | Tillable-CRP | 14.7 | $9,700.00 | 78.2 | 12.53 | $146.00 | 85.24 | $142,590.00 |
| 09/19/2024 | Mitchell | Tillable-CRP | 33 | $11,900.00 | 81.7 | 29 | $166.00 | 87.88 | $392,700.00 |
| 09/19/2024 | Chickasaw | Tillable-CRP | 60.43 | $10,025.00 | 88.2 | 53.66 | $128.00 | 88.80 | $605,811.00 |
| 09/19/2024 | Chickasaw | Tillable | 149.9 | $19,000.00 | 87.3 | 144.6 | $226.00 | 96.46 | $2,848,100.00 |
| 09/19/2024 | Palo Alto | Tillable | 195 | $12,900.00 | 85.7 | 193.07 | $152.00 | 99.01 | $2,515,500.00 |
| 09/20/2024 | Harrison | Tillable | 93.51 | $7,150.00 | 51.1 | 80.89 | $162.00 | 86.50 | $668,597.00 |
| 09/20/2024 | Hamilton | Tillable | 39.00 | $8,000.00 | 59.8 | 35.87 | $145.00 | 91.97 | $312,000.00 |
| 09/20/2024 | Hamilton | Tillable | 40 | $7,100.00 | 49.2 | 37.35 | $155.00 | 93.38 | $284,000.00 |
| 09/20/2024 | Hamilton | Tillable-Development | 20 | $10,000.00 | 54.8 | 18.87 | $193.00 | 94.35 | $200,000.00 |
| 09/20/2024 | O'Brien | Tillable | 96.55 | $15,500.00 | 94.3 | 91.26 | $174.00 | 94.52 | $1,496,525.00 |
| 09/20/2024 | O'Brien | Tillable | 79.54 | $15,100.00 | 94.3 | 77.40 | $165.00 | 97.31 | $1,201,054.00 |
| 09/24/2024 | Cherokee | Tillable | 142.07 | $16,200.00 | 94 | 135.32 | $181.00 | 95.25 | $2,301,534.00 |
| 09/24/2024 | Osceola | Tillable | 80 | $13,550.00 | 90.9 | 78.05 | $153.00 | 97.56 | $1,084,000.00 |
| 09/25/2024 | Page | Tillable | 242 | $8,550.00 | 75.1 | 215.04 | $128.00 | 88.86 | $2,069,100.00 |
| 09/25/2024 | Page | Tillable | 77.03 | $13,600.00 | 88.4 | 70.85 | $167.00 | 91.98 | $1,047,608.00 |
| 09/26/2024 | Howard | Tillable | 151 | $11,110.00 | 64.2 | 132.80 | $197.00 | 87.95 | $1,677,610.00 |
| 09/26/2024 | Greene | Tillable | 120 | $12,317.00 | 78.1 | 110.90 | $171.00 | 92.42 | $1,478,040.00 |
| 09/27/2024 | O'Brien | Tillable | 40 | $15,700.00 | 91.9 | 37.14 | $184.00 | 92.85 | $628,000.00 |
| 09/27/2024 | Adair | Tillable | 111.41 | $8,800.00 | 78.4 | 111.41 | $112.00 | 100.00 | $980,408.00 |
| 09/27/2024 | Washington | Tillable | 77.5 | $19,200.00 | 83.2 | 77.50 | $231.00 | 100.00 | $1,488,000.00 |
| 09/27/2024 | O'Brien | Tillable | 139.42 | $14,500.00 | 89.8 | 149.26 | $151.00 | 107.06 | $2,021,590.00 |
| Totals/Averages | 7891.15 | $11,930.00 | 77.6 | 7507.40 | $164.00 | 94.84 | $96,450,123.00 |
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.