Iowa State University Extension and Outreach & FarmlandFinder have collaborated to produce the Iowa Land Supply and Price Update. This CARD report covers farmland price and supply trends and is published on a quarterly basis.
We’re proud to be working with Dr. Wendong Zhang and Iowa State University as we bring further visibility to recent trends in the Iowa farmland market. The intent for this quarterly report is to be a frequent source for not only land values and price updates, but also supply trends. Historically, accessing insights about the volume of land available on the market has been difficult. It will be interesting to see what insights can be uncovered by looking at the data from a slightly different angle. - Steven Brockshus, CEO & Founder, FarmlandFinder
Dr. Wendong Zhang, Department of Economics at Iowa State University, found the Q1 2021 report to reveal:
• The Iowa land market proved itself again in providing stability and growth in an uncertain agricultural economic environment. High-quality land sold at around $10,500/acre, and medium and low-quality land sold around $7,300/acre and $4,500/acre, respectively, which is 20% higher than 2019 levels. This reflects tremendous surges in commodity prices and farmland sales prices, especially in the latter half of 2020.
• Farmland supply is still tight—only 72,275 acres sold at auction this year, and limited land supply tends to support land values.
• The pandemic has led to a transition of land sale modes, with more acres sold using real estate listings as opposed to land auctions, especially in Q2 and Q3 2020. However, things seem to be returning to normal with much larger shares sold via auctions in Q4 2020.
Read the full Q1 2021 report, here.