What is Farmland Worth?
There's nothing more precious than land. God only created so much, and if you've got a piece of it, you're a lucky person. But, how about farmland? With commodity prices stagnant, farm income is down. How is this affecting land values?
In these changing times, it appears land prices have leveled off. Given the rising interest rates and stagnant farm income, I would not be surprised to see a continued decline in values in the future.
Time will tell, but let's now look at some actual numbers. We were able to review a report on farmland auctions in Iowa.
We focused on Northwest Iowa especially as that's in our area. Here's what we learned:
Of 48 total sales, the actual average acre sold for $9823.