Farmland prices drop slightly

Prices being paid for Illinois farmland dropped slightly in the first half of 2025 according to the Mid-Year Snapshot Survey of farmland prices by the Illinois Society of Farm Mangers and Rural Appraisers at a press conference during the Farm Progress Show in Decatur.

The Survey is a annual event as a follow-up to the larger Farmland Values and Lease Trends project done earlier in the year. The survey was conducted by Gary Schnitkey, Ph.D., University of Illinois and included responses from ISPFMRA members as well as others associated with Illinois farm real estate.

Survey respondents indicated that while 31 percent indicated no changes in prices being paid, the balance reported the following declines: -2.2 percent for excellent quality farmland; -3.5 percent for both good and average quality land; and, 3.0 percent for fair quality land.

Sales of the properties were most estate sales (61 percent); 11 percent were by local investors and 10 percent were by farmers. The balance were non-local investors, institutions, and ‘others.’ Buyers were predominately farmers (61 percent)’ local investors (17 percent); non-local investors and institutions (10 percent each), and; 2 percent ‘others.’

Schnitkey noted that 11 percent of the sales involved farmers with financial difficulties. Fifteen percent of the transactions involved a foreign investor.