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Illinois Ag News Headlines |
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Illinois Farmland Prices Rise Sharply in Two Years
Illinois Ag Connection - 04/20/2023
Illinois farmland prices have continued to rise sharply in recent years, according to a report released during the 2023 Illinois Farmland Values Conference. All classes of farmland throughout the state have seen increases, with premium acreage leading the way.
The report shows that Class A land in Illinois rose 45% from 2021-2022, while lesser quality acreage saw increases of over 25% and, in some instances, over 40% during the same period. The rising land values are attributed to several factors, including reduced transactions in 2020, historically low interest rates, strong demand, increased commodity prices, and overall fear in other economic sectors.
While the rise in land values presents an opportunity for landowners looking to sell, it can also create significant barriers to entry for new farmers. The high prices, combined with other challenges faced by the agriculture industry, can make it difficult for young farmers to enter the market.
The Illinois Society of Professional Farm Managers and Rural Appraisers predicts that farmland prices will continue to rise in the near future, given the strong demand and low interest rates. Farmland remains a solid investment with strong potential for long-term returns, making it an attractive asset for investors and farmers alike.
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