The Farmland Market in Iowa: Insights from July 2024 Data | Whitaker Marketing Group

The Farmland Market in Iowa: Insights from July 2024 Data

As we reach the midpoint of the year, it's essential to assess the current state of the Iowa farmland market. The latest data, reflecting trends up to July 2024, provides valuable insights into land values and auction activities across the state. Below, we delve into the key findings based on the crop reporting districts and auction data to give you a comprehensive overview of Iowa's farmland market.

1. Land Values Across Iowa

The first image outlines land trends across Iowa's nine crop reporting districts, covering the period from March 24 to August 24, 2024. These figures represent the price per acre and price per CSR2 (Corn Suitability Rating 2), showcasing the high, medium, and low values for each region.

  • Northwest Iowa continues to hold the highest land values, with a peak of $15,813 per acre and $212 per CSR2. This region's land consistently commands premium prices, reflecting its strong agricultural productivity.

  • Central Iowa also shows robust values, with high prices reaching $14,800 per acre. The range of values in this district indicates a dynamic market with a mix of high and low-quality land.

  • Conversely, South Central Iowa presents some of the lowest land values, with prices as low as $4,458 per acre. This variation could be due to differing land qualities and less competitive demand compared to other regions.

2. Market Trends Over Time

The second and third images offer a deeper dive into how land values have trended over the past year and how the current market is performing month by month.

  • Price Stability and Fluctuations: The bar chart in the second image illustrates the month-by-month land values, showing a relatively stable market with occasional spikes. For instance, there was a notable increase in average land prices in May, reaching just over $12,000 per acre, followed by a slight dip in June and July.

  • Trend Analysis: The line graph in the third image highlights long-term trends, showing a slight downward trajectory in the highest land prices, starting from July 2023 to July 2024. While the highest and lowest prices have generally decreased, median prices have shown resilience, hovering around $9,000 to $12,000 per acre.

    Conclusion

    The July 2024 data reflects a relatively stable yet slightly softening Iowa farmland market. Land values are holding strong in the most productive regions, while other areas see more variability. As we move further into 2024, it will be important to monitor these trends to understand the long-term trajectory of Iowa's farmland market.