The value of an average acre of Iowa farmland declined 3.1% compared to a year ago, according to the 2024 Iowa State University Land Value Survey. This year’s survey, conducted since 1941, pegged the statewide average of Iowa farmland at $11,467 an acre a year end, “ending a five-year streak” of price gains, according to Rhabil Chandio, Extension Economist, who conducts the survey. This year’s survey finds the average value decreased by $369 an acre.
On an inflation-adjusted basis, an average acre of Iowa farmland decreased 5.5% to an average of $8,627 an acre.
Looking at values by land quality, the survey shows the value of high-quality farmland declined $367 an acre (2.6%) to an average of $13,930 an acre. Medium-quality farmland decreased $335 an acre (3%) to $10,740 an acre. Low-quality farmland slipped $215 an acre (2.8%) to an average of $7,450.
While this year’s survey posts the first decline in five years, Chandio notes this year’s average is still higher than the high notched in 2022. That high was exceeded in 2023.
The survey shows eight out of the nine crop reporting districts posted a decline with the south-central district bucking the trend with a 3.6% increase. The west-central district led declines with a 7.4% drop, posting an average of $11,798 an acre. That is followed by the north-central district with its 4.9% decrease to $12,185 an acre. The northwest district still lists the highest average value at $14,109 an acre, which is down 4.4% from a year ago.