Illinois farmland prices are up an average of 18% from a year ago.
“Over the last 18 months, certain classifications of land have gone up 40-45% in value.”
Luke Worrell with the Illinois Society of Professional Farm Managers and Rural Appraisers tells Brownfield a recent survey of their members showed 56% believe land prices have plateaued, but recent sales near his home in Jacksonville, “suggest that we are indeed still very strong, if not just a little bit higher.”
He says in the last 18 months cash rents have also jumped 25% and are projected to increase as much as $17 per acre in 2023.
Illinois farmland values up 18%, cash rents continue to soar