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Saturday, November 23, 2024

Iowa farmland reaches recorded average values

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The average value of farmland in Iowa continues to rise in the wake of the pandemic, reaching its highest values in almost a decade. 

A new report from Iowa State University revealed that over the course of only a year, the value of all farmland in Iowa had increased by a whopping 29%, according to Successful Farming. 

"ASFMRA member Wendong Zhang, Ph.D., of @IowaStateU has completed the Iowa Land Value Survey, indicating a 29% increase in farmland values over the past year," reported the American Society of Farm Managers & Rural Appraisers in a tweet on Wednesday, Dec. 15.

Experts from the university explained that the increase in land values is not actually a surprise, however, the size of the jump is significantly larger than what was anticipated, according to Successful Farming. The previous peak in farmland values occurred back in 2013, but the 2021 peak was at least 12% higher than the former. 

“The increase this year is in part due to much stronger commodity prices thanks to higher exports, stronger than expected crop yields and strong ad hoc COVID-19 related government payments,” Zhang said, according to Successful Farming. 

The average price of an acre of farmland in Iowa currently sits at $9,751, which is the single highest price in 80 years without adjusting for inflation, according to the Des Moines Register. 

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