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Benchmark study finds Illinois farmland values remain stable

The chief appraiser with Farm Credit Illinois says farmland values throughout central and southern Illinois held steady from last year.

Kent Reid says the cooperative’s annual study of 22 benchmark farms shows stability in the market.

“Farmland is very location specific, but overall, not much of a change.”  He says, “A few up, a few down, and several just unchanged, so that’s really pretty good news, showing the stability that’s still out there.”

He says land values remain below the highs set in 2024.

“We were down just a little bit last year, overall, about 4.5%.”  He says, “And then this year, pretty well just stable throughout the market.”

Reid says that while farmland transaction volume decreased across the southern two thirds of Illinois this past year, demand and prices paid for farmland remains stable.