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Print

Farmland prices still rising

March 24, 2012 at 08:58 PM

The State Journal-Register

A $13,000-an-acre sale in Christian County last fall was the latest sign the record run-up in Illinois farmland prices has a ways to go, based on a sales-trend update released this week.

The average price for all types of land was $7,330 per acre for 2011, up 21 percent compared with 2010, according to the annual report from the Illinois Society of Professional Farm Managers and Rural Appraisers.

“A good part of this tremendous move in Illinois cropland values is based on increasing farm income returns and expectations of strong income into the future,” survey general chairman Don McCabe said in the report.

Prime land sold for about $10,500 an acre, good land at nearly $7,500 and average land at a little more than $7,300 an acre.

Farmland prices in Illinois have increased an average of 12 percent a year since 2005.

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