Iowa land value survey finds 3 percent drop

The 2024 Iowa State University Land Value Survey indicates a 3.1% decrease in average Iowa farmland values to $11,467 per acre from November 2023 to November 2024. This decline is attributed to high interest rates, lower commodity prices, and rising input costs, despite strong demand and limited land supply. Most counties experienced decreases, with medium-quality land seeing the largest drop. Respondents remain optimistic about future land values, forecasting increases over the next five years, despite expectations of slight declines in the short term.