Iowa farmland prices have increased by an average of 18% during the last 12 months, according to the latest survey by the Iowa Farm Realtors Land Institute. The survey of farm real estate brokers was conducted around March 1 and results released March 19.
The survey shows an average increase of 11% for the six month period September 2007 to March 2008. “When that 11% is combined with the 7.1% increase we reported back in September, it shows a statewide average increase of 18.1% for the year from March 1, 2007 to March 1, 2008,” says Troy Louwagie, who helps compile the twice per year survey.
Louwagie, who coordinates the survey, is a realtor with Hertz Real Estate Services at Mt. Vernon. “These results show continuing strength in Iowa’s farmland market,” he says. “This was the highest dollar per acre number we’ve ever had, the second highest six-month gain and the third highest annual increase over the last 30 years since the survey began.”
While these are averages for the whole state, there are some individual sales of the highest quality farmland that have sold for as much as $7,000 to $9,000 per acre in the last month or so in Iowa.
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