Illinois farm real estate values continue an upward climb.
The USDA reports the average farm real estate value for Illinois in 2023 was $9300 per acre, up 4.5% from 2022 and the third increase since 2015.
Brad Zwilling with the Illinois Farm Business Farm Management Association tells Brownfield positive farm income has contributed to the uptick.
“Interest rates in general have been very low and that’s making investors and farmers say ‘What can I put my money into that I’ve had from this good farm income and reinvest it into?’ and some farmland has been a good attractive investment.”
He says the increase was milder than the 12.7% bump from 2021 to 2022 and that is likely due to recent interest rate hikes.
