2023 Iowa Farmland Prices and Auction Prices

2023 Iowa Farmland Overview

Auction Highlights:

The state's 1049 auctions, covering 115,626 acres, revealed an average price of $12,176 per acre. High-quality land averaged at $14,198 per acre, while medium quality land was $9,928 per acre. Low quality land maintained a steady average of $7,402 per acre.

Farmland Trends:

Comparing 2022 and 2023:- Auctions decreased by 19.2% (202 fewer auctions)- Acreage reduced by 22.8% (26,379 fewer acres)- Average price per acre increased by 1.1% ($134 increase)Comprehensive Land Sales Data:Excluding sales below $2,000/acre and above $30,100/acre, the 4,505 transactions (421,423 acres) averaged $9,994 per acre.Year-over-year changes:- 23.7% decrease in transactions (1,070 fewer)- 22.4% decrease in acreage (94,766 fewer acres)- 4.5% increase in average price per acre ($457 increase)

Expert Opinions:-

Realtor Land Institute Iowa: 0.6% increase-

Iowa State University: 3.7% increase to $11,835/acre-

Farm Credit Services of America: 4% increase to $12,425/acre (Benchmark Farms)

Influential Factors:

Positive: Impressive yields, net farm income, land equity, and investment value.

Negative: Rising interest rates, 2024's input costs, margin compression, drought, and international conflicts.

Our Commitment:

As your "Trusted Advisors," we aim to market your farmland effectively, ensuring a successful outcome.

Contact David & Ann Whitaker | The Iowa Land ExpertsFor Farmland Matters, Think of Us!