Drought? What Drought? Iowa Farmland Posts 8% 6-month Gain
Oct 09, 2012
The value of Iowa farmland rose 7.7% from March until September, according to a survey conducted by the Iowa Farm and Land Chapter #2 REALTORS Land Institute. Couple that gain with the 10.8% rise found in the September-March survey indicates a statewide average increase of 18.5% for the year ending September 1. All nine Iowa crop reporting districts showed an increase. The district gains ranged from 5.0% in south central Iowa to an increase of 10.8% in the southwest district for the March to September period.
The survey pegged the statewide average value of high-quality cropland at $10,445 an acre, the first time the statewide average has exceeded $10,000 an acre. The average value of medium-quality cropland was pegged at $7,877 an acre while the value of low-quality cropland was placed at $5,314 an acre. Non-tillable pasture is pegged at $2,518 an acre, up 7.7% for the six-month period. Timber land was pegged at a statewide average of $2,089 an acre, up 2.9% for the six-month survey period.
The northwest district reports the highest average price for high-quality cropland at $11,908 per acre. The lowest average value is found in the south central district at $7,822 an acre. Seven of the nine crop districts report an average value in excess of $10,000 an acre in the value of high-quality cropland.
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