The Iowa State University farmland survey shows the upward run of land prices stalled out this year. ISU Extension Economist Rabail Chandio revealed the 2024 survey results Tuesday.
That is a drop of 369 dollars an acre from last year’s record high.
Chandio says the south-central land district was the only one to see an increase in land values, while the west-central district saw the largest decline in prices.
Chandio says this year appears to be a correction after land values had gone up 29% in 2021 and 17% in 2022 coming out of the pandemic.
Chandio says the drop in farm income was the top issue for lower land values.
Locally, farm land values in Kossuth County did increase slightly in 2023, averaging $13,754/acre, up from $13,562. The only county around Kossuth that saw an actual decrease in farm land value was Emmet, where the average price went from $13,454/acre in 2022 to $13,405 in 2023.
