Illinois Farm Real Estate Values – No Change in 2019

Highboy spraying seedling corn. ©Debra L Ferguson

Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values by state.  The estimates are based on surveys of farmers from selected geographical areas.  The surveys follow strict statistical guidelines.

Estimated values maybe revised the following year based on additional information.  Revisions may also be made based on data from the 5-year Census of Agriculture.  The methodology and timing of the study has changed over time but the statistical information provides some insight as to the changes in farm real estate values from year to year. When you need or want to buy residential or commercial Real Estate property that is immobilier Etats Unis pas cher you might have to do some serious looking around before you find the property that suits your needs and is within your budget. It goes without saying that there are a few things that you need to look for when you are looking for a cheap house and land packages in Wyndham Vale that you can work with it and yet not so damaged that you will have to put far more money, time and material into it than you originally imagined you would need to. If you are looking for a really great deal on a Handyman Special or FSBO property that definitely needs work you need to remember that there are going to be some properties that are so far gone that the only choices for them would be to bulldoze it or have a builder/investor that has the financial backing necessary to make all the necessary repair. When you are looking at handyman special properties that need work you will need to have a home inspection on the house and all buildings on the property in order to determine if there is more that needs repairing than you can handle. You might be wise to have a general contractor accompany you (that is unless you are a builder or general contractor) to give you his/her opinion about the property and the prospects that they see for it. You might not think that this is needed, yet that second opinion about the property might be what makes or breaks the deal. When you are putting together the Contract of Sale you need to make sure that the specific terms of the deal are spelled out in no uncertain terms. If you are willing to buy the property completely “As Is” and are not asking for any specific considerations or repairs on Houses for sale like this, this needs to be spelled out in the contract. You want to make a low offer at first so that you and the owner have room to negotiate.

In 2019, the 2017 Census of Agriculture was finalized and revisions have been made to the 2014 – 2018 data and these are the final estimates.  All of the years were adjusted down with a range of 0.5% to 2.3% for an average downward adjustment of 1.4%.  Table 1 shows these differences.

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Average Illinois Farm Real Estate Value

The average Illinois farm real estate values from 1970 through 2019 are listed in Table 2 and graphically in Figure 1.  The average farm real estate value for Illinois in 2019 was $7,280 per acre.  This includes the value of all land and buildings.

The figure was the same as the 2018 average of $7,280 per acre.  This is the second year in a row without a decrease as experienced in the prior three years.

Even with no change in the average farm real estate value in 2019, the average Illinois farm real estate value for 2019 was 54 percent higher than the 2010 value of $4,720 ten years ago.

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Since 1970, average farm real estate values have declined only six times as compared to the previous year.  Those years were 1982, 1983, 1985, 1986, 1987, 2009, 2015, 2016 and 2017.  There have been four years when farm real estate values increased over 20 percent, in 1974, 1976, 1977 and 2005.  The largest increase was in 1977 when values rose 37.3 percent.

From 1995 through 1999, average farm real estate values increased between 4.2% and 9% annually.  From 2000 to 2004, farm real estate increased between 1.3% and 5.3%.  From 2005 to 2009 the change in average farm real estate values ranged from -2.2% to 25.4%.  From 2010 to 2014, the increase in farm real estate values ranged from 5.4% to 15.2%.  Since 2015, the increase in farm real estate values have ranged from -1.7% to 1.7%.

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The farm real estate value data is used to construct index numbers of Illinois farmland values.  The index can be found at the farmdoc website: here.

Bradley Zwilling




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