By Andi Anderson
In the annual Farmland Value Survey conducted by Iowa State University, the northwest Iowa region has experienced a slight decline in farmland value compared to the previous year. Statewide, average Iowa farmland values saw a 3.7% increase, reaching a record high of $11,835 per acre from November 2022 to November 2023.
The survey unveiled distinct geographic patterns in land value changes across various districts, counties, and land quality classes. Notably, eight out of the nine crop reporting districts witnessed increases, with the most significant rises in the South Central and Southeast districts at 12.8% and 9.6%, respectively. The Northwest district bucked the trend with a slight 0.8% decrease in land values.
Analyzing land quality classes, low-quality land experienced the most substantial increase at 4%, while high- and medium-quality land observed increases of 3.5% and 3.8%, respectively.
Over the past 12 years, northwest Iowa's farmland values have seen a notable trajectory, escalating from an average of $8,338 in 2011 to a peak of $14,878 last year. This year, there's been a marginal dip to $14,753, albeit still maintaining a relatively high value.
Examining specific counties, farmland estimates reveal fluctuations. O’Brien County stands at an average of $16,313 per acre this year (down from $16,531 last year), Osceola County estimates at $14,170 (a decrease from $14,360), Sioux County slightly increased to $16,521 (from $16,515), and Lyon County declined to $15,352 (from $15,557).
This year’s slight downturn in northwest Iowa's farmland values, amidst statewide increases, indicates localized shifts within the region's agricultural landscape.
Photo Credit: gettyimages-sizsus
Categories: Iowa, General