The Realtors Land Institute - Iowa Chapter has announced the results of it’s September 2023 Land Trends and Values Survey.
This survey is conducted each year in March and September. Participants in the survey are specialists in farmland and share their opinions about the current status of the Iowa farmland market.
For the September survey, they were asked to estimate the average value of bare, unimproved land with a sale price on a cash basis as of Sept. 1, 2023. Pasture and timberland values were also requested as supplemental information.
The results of the September survey showed a minor decrease of -0.2% on a statewide average for the March 2023 to September 2023 time period. This is following the September 2022 to March 2023 time period that showed a 0.8% increase, giving a year-over-year increase of 0.6% for the State of Iowa.
The survey results indicate that after double-digit increases through much of 2021 and 2022, the 2023 land market has confirmed its move toward leveling off. The report authors note, however, the continuing struggle between rising interest rates trying to pull the market lower while positive net farm incomes allow the market to remain supported at today’s values.
The survey results by crop reporting district range from a 2.9% decrease in the northwest district to a 1.3% increase in the south central district. Timber and pasture acres showed slight gains with a 1.1% increase in timberland values and a 1.4% increase in pastureland values across the state.
