Illinois farm real estate continues increases for 2014

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values by state. The estimates are based on surveys of farmers from selected geographical areas. The surveys follow strict statistical guidelines. Estimated values maybe revised the following year based on additional information. Revisions may also be made based on data from the 5-year Census of Agriculture. The methodology and timing of the study has changed over time but the statistical information provides some insight as to the changes in farm real estate values from year to year.

click image to zoom With the 2012 Census of Agriculture being finalized in 2014, revisions have been made to the 2009 - 2013 data and these are the final estimates. All of the years were adjusted down with a range of 1.8% to 9% for an average downward adjustment of 5.4%. Table 1 shows these differences.

Average Illinois Farm Real Estate Value

The average Illinois farm real estate values from 1970 through 2014 are listed in Table 2 and graphically in Figure 1. The average farm real estate value for Illinois in 2014 was $7,520 per acre, the highest on record. This includes the value of all land and buildings. The figure was 5.9 percent higher than the 2013 average of $7,100 per acre. The 2014 increase continues the upward trend of Illinois farm real estate values. It is the first single digit increase following three years in a row of at least 14 percent increases. Illinois farm real estate values have increased 59 percent in five years and 134 percent in 10 years.

click image to zoom Since 1970, average farm real estate values have declined only six times as compared to the previous year. Those years were 1982, 1983, 1985, 1986, 1987 and 2009. There have been four years when farm real estate values increased over 20 percent, in 1974, 1976, 1977 and 2005. The largest increase was in 1977 when values rose 37.3 percent.

From 1995 through 1999, average farm real estate values increased between 4.2% and 9% annually. From 2000 to 2004, farm real estate increased between 1.3% and 5.3%. From 2005 to 2009 the change in average farm real estate values had ranged from -2.2% to 25.4%. Since 2010, the increase in farmland values has averaged 11%.

click image to zoom The farm real estate value data is used to construct index numbers of Illinois farmland values. The index can be found at the farmdoc website ( as of August 14, 2014. farmdoc website)

References

Zwilling, B.L. "Index Numbers of Illinois Farmland Values." FBM-0321, Department of Agricultural and Consumer Economics, University of Illinois, 2014.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Demco 1400 Grain Cart

Demco offers a 1400 bushel grain cart to provide unmatched efficiency and operator convenience. In addition to the large 1400 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form