The value of an average acre of Iowa farmland is projected to rise 13.6% in 2013, according to a survey of land professionals attending the 86th annual Soil Management and Land Valuation Conference at Iowa State University Wednesday. Survey respondents said they expect the value of an acre of Iowa farmland will reach $9,425 an acre by November 1, 2013. That compares to an average of $8,296 an acre reported by the 2012 Iowa Land Value Survey conducted by Dr. Mike Duffy, Iowa State University economics professor and extension farm management economist who conducts both the annual survey and the annual conference.
The university has conducted the attendee survey in conjunction with the conference since 1964. The survey's track record has proven reasonably accurate with the May survey undershooting the November 1 figure in years of strong gains and overstating the November 1 figure in years of weakness. Last year, the conference survey projected an increase in Iowa land values by November 1 of nearly 22%. Conference attendees projected a November 1 average value of $8,164 an acre. The actual November 1 figure, as noted above, was $8,296 an acre -- a 24% annual increase.
Conference attendees also honored Dr. Duffy for his leadership of the annual conference as he will retire January 1, 2014.
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