Wow, What a Year for Iowa Farmland
Without question, the Iowa farmland market delivered another remarkable year. Despite ongoing uncertainty in the broader economy, land values remained historically strong, supported by solid fundamentals and sustained buyer demand. Below is a breakdown of what the numbers tell us—and what they may signal heading into 2023.
Iowa Farmland Auction Results
In 2022, Iowa recorded strong activity in the auction market.
Auction Data Highlights:
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1,250 auctions
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141,965 total acres sold
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Statewide average: $12,020 per acre
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High-quality ground: $14,705 per acre
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Medium-quality ground: $9,521 per acre
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Low-quality ground: $5,876 per acre
Overall, auction pricing remained resilient across all land classes.
Farmland Trends by the Numbers
When comparing recent years, several trends stand out.
2021 to 2022
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1% increase in acres brought to auction
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9.3% increase in average price per acre
2020 to 2022
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72.67% increase in acres brought to auction
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58% increase in average price per acre
As a result, the auction market has seen both increased participation and sustained price growth over the past two years.
All Iowa Land Sales (Including Private Sales)
To provide a broader picture, we also analyzed statewide land sales data, excluding transactions under $2,000 per acre and above $30,100 per acre.
All Sales Data:
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5,575 total transactions
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516,189 acres sold
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Statewide average: $9,537 per acre
2021 to 2022 (All Sales)
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35% decrease in acres sold
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15.85% increase in average price per acre
2020 to 2022 (All Sales)
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5% decrease in acres sold
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33.25% increase in average price per acre
Meanwhile, fewer acres changing hands did not translate into weaker pricing—rather, prices continued to climb.
Opinion Surveys Confirm the Trend
In addition to transactional data, opinion surveys align closely with market performance:
Relator Land Institute Iowa shows a 16.9% increase (2021-2022 opinion survey).
Iowa State University shows a 17% increase (2021-2022 opinion survey).
Together, these surveys reinforce what the sales data already shows: farmland values remain strong.
What’s Driving Farmland Prices Higher
Several positive factors continue to support the market:
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Strong yields and commodity prices
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Solid net farm income
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Significant equity in existing land
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Farmland’s appeal as a long-term investment
As a result, buyer confidence remains intact.
Headwinds to Watch Moving Forward
However, the market is not without challenges. Factors worth monitoring include:
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Rising interest rates
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Higher 2023 input costs
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Margin compression
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Increased supply of farms coming to market
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Weather risks, including drought
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Supply chain disruptions
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Ongoing foreign conflicts
Even so, interest rates—while rising—remain historically low.
Looking Ahead to 2023
Farmland prices are still at historic highs. That said, our expectation for 2023 is stability rather than rapid acceleration. We anticipate fewer acres coming to market and the continued emergence of new buyer profiles. Additionally, sellers are likely to remain cautious, especially if the market shows signs of softening. Key areas to watch include carbon markets, commodity pricing, input costs, net farm income, and global economic conditions. One thing remains consistent: Good quality ground sells well. Medium quality ground sells accordingly. Lower quality ground commands lower prices. And, of course, all landowners share one common trait—they would like to own more land.
Thank You from Whitaker Marketing Group
We sincerely thank every customer who trusted Whitaker Marketing Group in 2022. We look forward to continuing to serve as your trusted advisors in 2023 and beyond.
Our Mission; Is to be your “Trusted Advisors”, Our obligation; is to market your farmland to the largest audience yielding you the most successful outcome!
David & Ann Whitaker | Iowa Land Guy
When you think of Farmland Think of US!
Iowa Land Values by CSR Score: Green= 75-100CSR Tan=50-75CSR Orange= less than 50CSR
Farmland in Iowa by Acres Sold
Farmland Values in Iowa across the state
