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Iowa Farmland Prices Fall Three Straight Years
USAgNet - 12/16/2016

Average Iowa farmland value has shown a decline for the third year in a row--the first time this has happened since the 1980s farm crisis--and is now estimated to be $7,183 per acre. The statewide per acre value declined $450, or 5.9%, since November, 2015. Farmland values hit a historic high in 2013, but have steadily declined since then. The statewide average value for an acre of farmland is now about 17.5%lower than 2013 values.

Land values were determined by the 2016 Iowa State University Land Value Survey, which was conducted in last month by the Center for Agricultural and Rural Development (CARD) at Iowa State University and Iowa State University Extension and Outreach. Results from the survey are consistent with results by the Federal Reserve Bank of Chicago, the Realtors Land Institute, and the U.S. Department of Agriculture. Dr. Wendong Zhang, Assistant Professor of Economics at Iowa State University, led the annual survey.

The $7,183 per acre, and 5.9% drop in value, represents a statewide average of low-, medium-, and high-quality farmland. The survey does also report values for each land quality type, crop reporting district (district hereafter), and all 99 counties individually.

Average farmland values hit a historic peak of $8,716 per acre in 2013, but declined 8.9% in 2014, 3.9% in 2015, and have now fallen an additional 5.9%.

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