The latest Land Value Survey from Iowa State University shows another double-digit increase in value of Iowa farmland and sets a new record for price per acre.
The survey says the average value of farmland in Iowa rose 23.7-percent from 2011. The average price per acre of farmland in 2011 was $6,708 and in 2012 it increased to $8,296.
Iowa State University economics professor Mike Duffy, one of the authors of the survey, says “The 2012 land value survey covers one of the most remarkable years in Iowa land value history. This is the highest state value recorded by the survey, and the first time county averages have reached levels over $10,000. While this is an interesting time, there is considerable uncertainty surrounding future land values.”
The highest average price per acre of farmland in Iowa was seen in O’Brien County with $12,862 and the lowest was in Decatur County with $3,242.