Land Values Near 2014 Peak

Average sales prices for high-quality land in many states are at or near the peak prices last seen in January 2014. According to internal estimates from Farmers National Company, set to be released next month, land values have taken a sizable jump the past six months, and the new levels reflect that move.

For instance, the company says the June 2021 value for Illinois will be $12,300 per acre versus $12,500 per acre in January 2014. The estimated price per acre in Arkansas was $5,000 at the start of 2014 and is now $5,600. Ohio was $8,000 per acre and is now $8,150 per acre.

Each January and June, Farmers National Company publishes its estimates of the average sales price for better quality cropland observed in each of eighteen states. The estimates are intended to show the trend in land sale prices in each state and not reflect individual sales that may be higher or lower.

Land values generally dropped back 15-20% from the late 2013 early 2014 peak and mostly plateaued until the more recent gradual strengthening turned into the strong up move experienced the last few months. The current 5-15% increase in sales prices brings land values in some areas back near the last highs. 

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