T
he National Agricultural Statistics Service of the USDA releases annual estimates of average farm real estate values by state, based on surveys of farmers from selected areas that follow strict statistical guidelines. Estimated values may be revised in subsequent years or based on data from the 5-year Census of Agriculture. The methodology and timing of these studies have evolved over time, providing insight into changes in farm real estate values.

    Illinois Farm Real Estate Values

    The average Illinois farm real estate value for 2025 was $8,930 per acre, a 2.6% increase from the adjusted 2024 average of $8,700 per acre. This marks the fifth consecutive year with at least a 2.4% increase since 2020. The current value is 22% higher than the 2016 value of $7,300 per acre.

    Since 1970, farm real estate values have declined only eleven times compared to the previous year. There were four years when farm real estate values increased over 20%, with the largest increase being in 1977 at 37.3%. From 1995 to 1999, average farm real estate values rose between 4.2% and 9% annually.

    From 2010 to 2020, the change in farm real estate values ranged from -1.9% to 1.7%, with an average increase of 4.7% since 2020. The other Corn Belt states experienced slightly higher increases: Iowa (3.9%), Indiana (4.0%), Missouri (4.2%), and Ohio (6.7%). Illinois' farm real estate value per acre is lower than Iowa's ($9,790) but higher than Ohio's ($9,350).

    The data on farm real estate values is used to construct index numbers of Illinois farmland values, available at the farmdoc website. Excel tools that calculate these values can also be found online, along with a cropland index tool.