T
he USDA's National Agricultural Statistics Service releases annual estimates of average farm real estate values by state, based on surveys of farmers from selected areas. These estimates may be revised the following year or based on data from the 5-year Census of Agriculture. Despite changes in methodology and timing over time, this information provides insight into yearly changes in farm real estate values.

    Illinois Farm Real Estate Values

    The average Illinois farm real estate value was $8,930 per acre in 2025, 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. Compared to 2016, the average Illinois farm real estate value is now 22% higher.

    Since 1970, average 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, values increased between 4.2% and 9% annually.

    In recent years, Illinois has seen a steady increase in farm real estate values, with an average annual growth rate of 4.7% since 2020. The state's neighboring Corn Belt states have also experienced significant increases, with Iowa leading the way at $9,790 per acre. Ohio has seen substantial growth over the past five years, surpassing Illinois in farm real estate value per acre.

    The data on farm real estate values is used to construct index numbers of Illinois farmland values, which can be found on the Farmdoc website. This index and accompanying tools allow users to estimate current or past values using purchase price or appraisal.