Farmers National Company is one of our valued customers and providing value to all our customers is one of our highest goals. Make sure to check out their mid-year land values report released Tuesday, July 11, 2023. Their report details and charts how the land market entered a period of de-escalation that started in the fourth quarter of 2022, as well as the current single digit increases in land values verses the double digits over last year.
From AgWeb.com :
The No. 1 question farmers are asking Paul Schadegg today is whether land values have finally hit a plateau after their long, multi-year run of growth.
That depends, he says, on the region where the farmer is located. In general, he sees a slowdown in price increases across the country but no lower prices for high-quality farmland.
“When we compare not just our company data but also data from the Federal Reserve surveys, we’re definitely seeing some settling, a de-escalation,” says Schadegg, Farmers National Company (FNC) senior vice president of real estate operations.
Along with that, he says there are fewer high-quality parcels of land coming to the marketplace.
June High Quality Values Per Acre
Average Land Prices
| 2021 | 2022 | 2023 | |
|
Ark. |
$5,600 |
$6,000 |
$6,300 |
|
Ill. |
$12,300 |
$15,000 |
$16,000 |
|
Ind. |
$9,800 |
$12,000 |
$13,000 |
|
Iowa |
$11,900 |
$15,000 |
$15,400 |
|
Kan. |
$4,400 |
$5,100 |
$5,800 |
|
Ky. |
$5,000 |
$6,200 |
$7,000 |
|
Mich. |
$6,500 |
$7,600 |
$8,500 |
|
Minn. |
$7,800 |
$9,700 |
$10,000 |
|
Mo. |
$6,400 |
$7,200 |
$7,500 |
|
Neb. |
$8,800 |
$11,500 |
$12,000 |
|
N.D. |
$6,400 |
$8,200 |
$8,800 |
|
Ohio |
$8,150 |
$9,800 |
$11,000 |
|
Okla. |
$2,500 |
$2,900 |
$3,300 |
|
S.D. |
$8,700 |
$11,000 |
$12,100 |
|
Tenn. |
$4,000 |
$4,800 |
$5,200 |
|
Texas |
$3,700 |
$4,200 |
$4,800 |
|
Wis. |
$7,000 |
$7,900 |
$8,500 |
Source: Farmers National Company Agent Survey