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Midwest farmland values down 1% in 2024

Midwestern farmland values decreased one percent in 2024.

Chicago Federal Reserve Bank policy advisor David Oppedahl says the district, which includes Iowa, Illinois, Indiana, Michigan, and Wisconsin, saw dips of two to three percent in every state except Wisconsin.

“So we are not seeing everywhere that farmland values are down, but generally in most areas they’re headed down.”

He tells Brownfield several factors are in play including a decline in crop prices.

“So the incomes available to farmers are much lower, there’s softness in terms of demand for land then. But there’s just also fewer parcels available, so it hasn’t lead to a massive decrease in farmland values.”

Oppedahl says he expects the market to be relatively flat to slightly lower in the first quarter of this year.