A new survey by Iowa State University Extension shows a slight increase in average farmland values after three straight years of declines.
Iowa State University economist Wendong Zhang says a limited supply of available farmland is the main reason for the two percent increase in land values, as the farm economy remains sluggish.
The average statewide value of an acre of farmland is estimated at seven-thousand-236 dollars ($7,326), or 143 dollars more for an acre compared to last year. Commodity prices remain low and Zhang says a full recovery of the ag economy will take some time.
Scott and Decatur counties reported the highest and lowest farmland values for the fifth straight year. Decatur County reported land valued 34-hundred-80 dollars ($3,480) — while Scott County reported a value of 10-thousand-497 dollars ($10,497). Just four of Iowa’s 99 counties –Fremont, Mills, Montgomery, and Page –reported a drop-in land values this year. Each of those counties reported a decline in value of three-tenths of a percent.
