News

Illinois farmland values soften in first half of ‘24

The Illinois Society of Professional Farm Managers and Rural Appraisers says farmland values in the state were down in the first half of 2024.

Luke Worrell, chair of the organization’s Farmland Values & Lease Trends Committee, tells Brownfield the results of their mid-year survey were expected, primarily due to lower commodity prices.

“We saw about a 5% decrease in Class A acreage over the first six months of the year and around 8 to 10% decrease in land values in Class B&C acreage over the first of the year,” he says.

He says that decline is projected to continue, but it’s also expected to bring down average cash rent rates.

“With land values, with farm returns, typically you see rents follow.”  He says, “You know, and they kind of project that in 2025, we’ll see 7 to 8% decreases on cash rent.”

Worrell says variable cash rental agreements now make up about 35% of arrangements in the state.  He says the survey also shows about one third of farm managers in Illinois have contracts with wind or solar projects on at least one farm they manage. 

A full summary of the survey results can be found HERE.

AUDIO: Luke Worrell – Illinois Society of Professional Farm Managers