Illinois Farm Property Values ​​to Increase by $1,000 per Acre in 2022

Each year, the USDA’s National Agricultural Statistics Service releases estimated average farm property values ​​by state. Estimates are based on surveys of farmers in selected geographic regions. The research follows strict statistical guidelines. Estimates may be revised next year based on additional information. Revisions can also be made based on data from the Five Year Agricultural Census. Although research methodology and timing changed over time, the statistics provide insight into year-to-year changes in farm property values.

Average Farm Property Value in Illinois

Average Illinois farm property values ​​from 1970 to 2022 are shown in Table 1 and graphed in Figure 1. In 2022, the average farm property value in Illinois was $8,900 per acre. This includes all land and building values. This figure was 12.7% above the 2021 average of $7,900 per acre. This is the first double-digit increase in value since 2013. The 12.7% increase in average farm property value from 2021 to 2022 makes the 2022 average Illinois farm property value 25% higher than the 2013 value of $7,100 10. years ago.

Since 1970, average farm property prices have fallen only six times over the previous year. These years he was 1982, 1983, 1985, 1986, 1987, 2009, 2015, 2016, 2017. In his four years of 1974, 1976, 1977 and 2005, farm property prices rose by more than 20%. 1977 when the value rose 37.3%.

Between 1995 and 1999, average farm property prices increased between 4.2% and 9% annually. From 2000 to 2004, farm real estate he increased between 1.3% and 5.3%. From 2005 to 2009, average farm property value changes ranged from -2.2% to 25.4%. From 2010 to 2014, farm property values ​​increased between 5.4% and 15.2%. From 2015 to 2020, the change in farm property values ​​remained unchanged, ranging from -1.7% to 1.7%.

Farm property value data is used to construct the Illinois farmland value index number. The index is located here: farm dock website. This metric can be used to estimate current or historical value using purchase prices or valuations. In addition to this metric, here is an Excel tool that does the math for you. Additionally, the farmland index tool is available there as well.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *