From agupdate.com:
Compared to the last two years, the mid-year land values report, given by Luke Worrell chair of Land Values Conference, at the Farm Progress Show in Decatur on Aug. 30, was anti-climactic.
The snapshot of land values, sponsored by the Illinois Society of Professional Farm Managers and Rural Appraisers, shows stable land values in what he calls a “catch-your-breath” report after two years of a break-neck pace.
“It’s the first time in a long time I don’t have any crazy numbers to throw out,” Worrell said after land values increased between 40% and 50% in some cases during the last couple of volatile years.
“You can’t have 20% increases every year,” said University of Illinois ag economist Gary Schnitkey.
The report comes from a survey of Illinois Society members about what they saw in the first six months of the year and what they expect for the next six months. Not much has changed since the beginning of 2023, Worrell said.