Iowa land values show stability in turbulent year aberdeennews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aberdeennews.com Daily Mail and Mail on Sunday newspapers.
Favorable interest rates, a strong demand for land and substantial government payments helped stabilize Iowa’s farmland market in a year in which Iowa’s farmers faced the destructive onslaught of a derecho, significant uncertainties in U.S. agricultural trade and a pandemic that significantly altered market demand.
“The land market faced downward pressure initially with the onset of the COVID-19 pandemic, which lowered food demand and resulted in declines in livestock and ethanol prices,” said Wendong Zhang, assistant professor in economics and extension economist at Iowa State University.
This year’s Iowa Land Value Survey found that the average statewide value of an acre of farmland is $7,559, an increase of 1.7%, or $127, since 2019. The $7,559 per acre estimate, and 1.7% increase in value, represents a statewide average of low, medium and high-quality farmland.