Farmland Values Continue to Climb Q1 2022
The Illinois Society of Farm Managers and Rural Appraisers hosted their much anticipated annual Land Values Conference on March 17, 2022, in Bloomington, Illinois. Results from the 10 regions across Illinois indicated farmland values were up substantially across land classes during 2021, bringing them to record high levels. Excellent, Good, and Average categories were all up over 20%. Dave Klein, Designated Managing Broker and Auctioneer with First Mid Ag Services, provided a presentation with additional insight where farmland values sit through March 15, 2022. Across varying land classes, he estimated an additional 8.5%-12.9% increase thus far in 2022. Since 2019, Klein estimates average prices to be up nearly 60% through January 31, 2022. Additionally, he reported seven different sales that sold above the $20,000 per acre mark in 2022, a barrier not broken during 2021.
