Ames, Iowa — The Iowa State University farmland survey shows the upward run of land prices stalled out this year.
ISU extension economist Rabail Chandio revealed the 2024 survey results on Tuesday.
That is a drop of 369 dollars an acre from last year’s record high.
Chandio says the south-central land district was the only one to see an increase in land values, while the west-central district saw the largest decline in prices.
Chandio says this year appears to be a correction after land values had gone up 29 percent in 2021 and 17 percent in 2022 coming out of the pandemic.
Chandio says the drop in farm income was the top issue for lower land values.
High interest rates were a close second to the commodity prices in responses about the impact on land values.
