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IL land prices “steady-to-up” in annual report

A recent report from the Illinois Society of Professional Farm Managers and Rural Appraisers shows Illinois farmland values were strong in 2023 despite a weaking farm economy.

Luke Worrell, with Worrell Land Services in Jacksonville, tells Brownfield the results were a surprise…

“A year ago many of us would have projected a leveling off,” he says, “but Class A acreage was up another 6%, Class B acreage was up around 7%, Class C acreage was up around 14%, and even recreational land was up around 7%.”

He says a strong decline in the number of farmland sales year to year was also noteworthy…

“We kind of got spoiled in ‘21 and ‘22 and everybody seemed to have a Class A auction every 7 to 10 days, and values obviously are still there, but the number of transactions has gone down pretty steadily throughout the state,” he says.

He notes the last few years though have been very good for top-rated land values…

For context, if you just look at the last three years alone, the higher quality land in Illinois has gone up between 50 and 55% in value, which is an enormous number,” he says.

Worrell says the Society is again projecting land prices to hold steady or decline in 2024…

“The early signs here in 2024 are a lot of the same things we saw in 2023.”  He says, “I think you’re definitely going to see a lot of strong sales still, but I think you’re going to see just a little more variability in results.”

Farmers accounted for 59-percent of Illinois farmland buyers in 2023.

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