2024 ILLINOIS FARMLAND TRENDS REPORT RELEASED

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(BLOOMINGTON) The 2024 Illinois Farmland Values Lease Trends Report has been released by the Illinois Society for Professional Farm Managers & Rural Appraisers, showing the average price for all classes of farmland increased for the fourth consecutive year in 2023. Last year’s average price was $16,779 per acre for excellent land, up 5.5% from 2022. Good quality land was up 7% at $12,911, followed by average land up 13% at $9,198, and fair land up 14% at $7,000. One of the biggest differences from 2022 to 2023 was the decline in the number of farmland sales in central Illinois at 15% to 30% fewer transactions. While the majority of buyers were farmers at 59%, individual investors were 30% & institutions at 6%.