From compeer.com:
During 2022, we witnessed prime farmland selling in excess of $20,000 per acre, and this trend persisted throughout the balance of 2022 and extended into 2023. Though the rate of appreciation was not as dramatic as observed during the period between July 2021 and July 2022, the increase in value remains substantial.
Following is a brief snapshot of those benchmark changes from the 2022 to 2023 update.
Northern/Western Illinois
Illinois farmland is classified under a universally accepted soil survey system that breaks land down into quality classifications based on productivity indexes. While values and yields for each cropland type tend to vary by location, the relative productivity does not.
The chart below illustrates changes by cropland type for the northern and western Illinois benchmarks. Values across A, B and C farm types increased an average of +11.2%. One of 19 benchmarks was unchanged, seven were up less than 10%, six were up 10-20%, and five benchmarks were up in excess of 20%.
