From farmprogress.com:
After two years of 40% and 50% gains in farmland values, the Illinois land market has stabilized in 2023.
That’s according to the Midyear Snapshot Land Values Survey conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers, in conjunction with Gary Schnitkey, University of Illinois ag economist.
“The market appears to be catching its breath,” says Luke Worrell of Worrell Land Services, Jacksonville, Ill., and chair of the ISPFMRA report.
In the first half of 2023, Class A and Class B farmland values have held steady, with little to no change in the “cream of the crop” land. Subsequently, there’s only been a 1% to 2% decline in marginal Class C and Class D land.
“From a values perspective, not much has changed since the calendar rolled into 2023,” Worrell adds.
Of those responding to the survey, 44% expect prices to remain the same for the rest of the year, while 36% expect prices to drop 1% to 3%.