Farmland listings were steady through the winter, but picked up in late February, reports Josh Waddell, vice president of Martin, Goodrich & Waddell in Sycamore, Ill. "Competitively priced, productive farmland is selling in a two- to five-month time span,” he says.
Investors are still the primary buyers in northern Illinois, Waddell says, but "farmers are adding to their land holdings. In the central and southern parts of the state, farmers make up a larger proportion of buyers.
"As we watch further turmoil unfold in Washington and the world, more and more people are looking to farmland as a wealth preserver,” he adds. "Farmland carries the advantage of being an excellent inflation hedge, and it has never demonstrated the fickle swings of the stock market.”
Waddell reports that Class A farmland is selling from $7,500 to $9,000 per acre from north-central Illinois to the western edge of "Chicagoland,” and Class B farmland is in the $5,800 to $6,800 range. As you move farther south and west, there is still considerable support for Class A land from $6,900 to $7,700 per acre, while class B land is selling from $5,300 to $6,200 per acre.
"It is safe to say that the land market in central Illinois remains as strong as it has ever been,” Waddell says.