Land values in Illinois ranged from a decline of 5% to a gain of 20% in 2008, according to the annual survey conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA). The survey found the value of excellent quality farmland located in the central part of the state rose 15% by year end; good quality central Illinois land rose 13%; average quality land ranged from 0% to 12% higher and recreational land located in the central section of the state remained unchanged from 2007.
The bulk of survey respondents expect land values will remain stable or decline slightly in 2009. The group was split about evenly in opinion when looking ahead to 2010 with about a third expecting lower values, a third expecting stable values and a third looking for higher land values.
I will cover more details of the survey in the March 24 issue of LandOwner newsletter. If interested in seeing a copy, just drop me an email at firstname.lastname@example.org or call me at 800-772-0023.