(Atlantic) The average price of Iowa farmland fell eight-tenths of one percent over the past 12 months, according to the latest Iowa State University Land Survey consisting of land brokers, appraisers, bankers, farm managers and others in the agriculture business.
Don Kearn, Vice-President of Smith Land Service in Atlantic says the factors for the slight decline included were commodity prices and uncertainty. The positive factors are the lack of farmland for sale.
“The one thing the survey does show is high-quality land is selling very well and low-quality land is having the most problems in maintaining its’ value,” said Kearn.
According to the survey, the average price of Iowa farmland is $7,264 per acre. The highest price per acre was reported in northwest Iowa at $9,311.00. The lowest price per acre of farmland is $4,329.00 per acre.
The average price of farmland per acre in southwest Iowa was unchanged from a year ago at $6,060. West Central Iowa was up one half of a percent at $7,413.00 per acre.