Illinois farm managers expect farmland values to soften slightly in 2026, with most anticipating a 1%–5% decline and some projecting up to 10%. According to the Illinois Society of Professional Farm Managers and Rural Appraisers, excellent farmland averaged $15,846 per acre in 2025, down 3% from the prior year, while good‑quality land held steady. Recreational land, however, saw an 11% increase.
Shifts in cash rent expectations, tighter farmer liquidity, and broader economic pressures—including fertilizer costs and global conflict—are shaping the outlook. As Illinois remains a core state within Land Sales Bulletin’s 10‑state Midwest reporting region, readers can track verified sales and market trends across the region with consistent, county‑level detail.
Nebraska remains a key state within Land Sales Bulletin’s 10‑state Midwest reporting region, and the latest preliminary data from the 2026 University of Nebraska Farm Real Estate Market Survey reflects a market adjusting to tighter margins and shifting sector strength.
Statewide farmland values dipped 1% to $3,905 per acre, marking the second consecutive year of decline as crop producers face narrower margins and softer receipts. In contrast, grazing and hay land values rose 4% to 7%, supported by strong cattle prices and historically low cow herd numbers.
Regional differences remain notable:
East District continues to lead at $9,315/acre (down 1%).
North Region saw the strongest gains, up 4%.
Southeast District posted the largest decline at –3%.
Cash rents followed similar patterns, with cropland rents slipping 1% to 9% depending on land type, while pasture rents strengthened.
As one of Land Sales Bulletin’s core Midwest reporting states, Nebraska’s evolving land values, rental trends, and sector‑specific pressures continue to shape the broader regional story. The final UNL report, expected in June, will add detail on land grades, transaction characteristics, and auction trends. Read more from Farm Progress: Average Nebraska farmland values drop for second straight year
New survey data from the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA) points to a steady and resilient leasing environment across Illinois farmland—an important signal for landowners, operators, and investors watching the Midwest market. As one of Land Sales Bulletin’s 10 Midwest reporting states, Illinois continues to demonstrate strong rental demand even as broader price expectations soften.
Cash Rents Hold Firm in 2026 – Survey results show that professionally managed farmland maintained strong cash rent levels for 2026.
Excellent soils: Middle-third rents average $375/acre, with top-tier agreements reaching $400/acre.
Good soils: Average $325/acre.
Average soils: $273/acre.
Fair soils: $200/acre.
Despite slight declines in 2025 landlord incomes—particularly on cash‑rented acres—operators continue to compete aggressively for high‑quality ground, keeping rents elevated across productivity classes.
Leasing Performance in 2025 – Returns varied by lease structure:
Custom farming delivered the highest 2025 returns at $375/acre on excellent soils.
Cash rent averaged $300/acre.
Crop share averaged $250/acre, buoyed by strong yields and lower input costs.
These dynamics help explain why cash rents remain strong even as land values show signs of leveling.
Expectations for 2027 – Farm managers express cautious optimism:
67% expect 2027 cash rents to remain unchanged from 2026.
9% anticipate increases.
24% foresee modest softening.
Overall, the data points to a stable leasing market with limited downside pressure.
Why This Matters for Midwest Land Professionals
Illinois—one of our core reporting states—continues to set the tone for leasing trends across the Corn Belt. Strong operator demand, tight supply of high‑quality acres, and steady income expectations reinforce the importance of finalized sales and rental data when evaluating market conditions.
Illinois farmland values are entering a period of stabilization after several years of rapid appreciation. According to the latest ISPFMRA survey, most market participants expect modest softening in 2026, driven by tighter crop margins, elevated input costs, and a high‑interest‑rate environment. While 61% of respondents anticipate slight price declines, long‑term confidence remains strong, with 77% expecting higher values within five years. Transaction volumes are also cooling, and private treaty sales are regaining ground as buyers seek flexibility in a shifting market.
As one of Land Sales Bulletin’s reporting states, Illinois continues to demonstrate the importance of timely, accurate, and completed land sale data in understanding market sentiment and tracking regional trends across the Midwest.
Farmland values across the Midwest continue to hold steady—even inching upward in places—despite softer commodity prices and persistently high input costs. Recent insights from the Chicago Fed and the Iowa Realtors Land Institute show modest value increases across key crop districts, with tillable acres remaining especially resilient.
Industry experts point to several forces supporting today’s land market: limited supply, strong farmer demand, reinvestment through 1031 exchanges, and ongoing pressure from residential, commercial, and data‑center development. Farmland also remains a favored hedge against inflation, keeping buyers active even in a neutral interest‑rate environment.
At Land Sales Bulletin, we see these same dynamics across our 10‑state Midwest reporting region: Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. With only 1.5% to 2% of farmland changing hands annually in many states, competition for quality acres remains strong, and farmers continue to make up the majority of buyers.
A steady market doesn’t mean a quiet one—just a competitive one shaped by long‑term value and tight supply: farmprogress.com
American Farmland Owner reports on the New Federal Reserve surveys that show farmland values across the Midwest held steady or increased in 2025, reinforcing the strength of the region’s land market even as farm finances weakened.
For those following Land Sales Bulletin’s 10-state Midwest region—Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin—the data highlights continued stability:
Chicago Fed District: Farmland values up 6% year over year
Indiana +9%
Wisconsin +9%
Iowa +7%
Illinois +3%
Kansas City Fed District:
Non‑irrigated land: –0.3%
Irrigated land: +1.2%
Ranchland: +4.1%
At the same time, repayment challenges increased, more banks tightened credit standards, and interest rates—while easing—remain above long‑term averages.
Even with these pressures, Midwest farmland continues to stand out as one of the most stable assets in the agricultural economy. Read more: americanfarmlandowner.com
Nick Westgerdes, AFM, owner of New Roots Farm Brokerage, shares specialized farmland value insights and management reports for our Midwest reporting states of Illinois and Wisconsin. As the current President-Elect of the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA), his recent 2026 reports highlight a “resilient” but evolving market using our Illinois and Wisconsin land sales data. New Roots Farm Brokerage – Client Driven & Farm Focused.
Our Midwest state of Nebraska continues to demonstrate why it remains a cornerstone of Midwest farmland performance. According to the University of Nebraska–Lincoln’s latest survey, the statewide all‑land average value sits at $3,905 per acre in 2026, a modest 1% decline from the previous year. This marks the second consecutive year of slight softening after Nebraska reached a record high in 2024.
Survey respondents point to lower commodity prices, higher input costs, and elevated interest rates as the primary pressures on land values. Even so, Nebraska’s market remains resilient, with grazing land and hayland values rising 4–7% statewide, supported by strong cattle prices and competition for pasture. Irrigated and dryland cropland values saw small declines, generally between 1–3% depending on land class and region. Nebraska Farm Real Estate Report | Center for Agricultural Profitability | Nebraska
For those tracking Nebraska’s land market closely, two reports are now available for download:
These insights complement what Land Sales Bulletin continues to document across its 10‑state Midwest region: tight supply, strong buyer competition for quality acres, and a market that remains steady even as financial conditions shift.
Nebraska continues to demonstrate why Midwest farmland market remains one of the most resilient asset classes. Despite softer commodity prices, verified sales across the state show values holding firm — a trend echoed across Land Sales Bulletin’s Midwest reporting region.
Recent Nebraska transactions highlight the diversity of demand:
Greeley County pasture brought $3,600/acre, supported by recreational appeal and steady local interest.
Platte County pivot‑irrigated cropland surged to $14,650/acre, reflecting the premium placed on high‑quality, rarely available acres.
Merrick County irrigated tracts sold between $7,700 and $8,300/acre, buoyed by strong soybean yields, excellent access, and reliable water infrastructure.
Nebraska’s mix of irrigated productivity, livestock supported regions, and limited turnover keeps values supported — and reinforces the broader regional story of resilience. Read more from Farm Progress: Resilience of land markets is a surprise
Despite persistently low commodity prices and a sluggish start to the year, land values across our Midwest state of Iowa remain remarkably steady. Limited supply continues to be the defining force, with few acres coming to market and a consistent pool of farmer‑buyers and long‑term investors keeping demand firm. Interest rates have held in a narrow range, and without a major shift in supply or buyer appetite, experts expect values to continue moving sideways. Recent sales across multiple counties in our Midwest reporting state show strong support for quality acres and a land market that continues to “chop sideways.” Read more from Farm Progress: Why ‘boring’ isn’t bad for steady Iowa farmland values
