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2021 Iowa State University Land Value Survey: Overview

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Abstract

Since 1950, the Iowa State University Land Value Survey has been the only data source that provides a county-level land value estimate for each of the 99 counties in Iowa. The 2021 Iowa State University Land Value Survey reported a 29.0% increase to $9,751 per acre in average Iowa farmland values from November 2020 to November 2021. This dramatic surge of 29% is the largest in magnitude since 2011, and the $9,751/acre nominal land value is the highest-ever since data collection began in the 1940s. The 2021 nominal land value is 12% higher than the 2013 peak in nominal land values, although the inflation-adjusted values, $8,367/acre in 2015 dollars, saw a 21% increase and is still lower than the 2012 and 2013 inflation-adjusted values. The surge is buoyed by substantially higher commodity prices, low interest rates, stronger-than-expected crop yields, robust federal ad hoc payments, and limited land supply despite an increase in sales activity. All crop reporting districts reported an increase of more than 20% in land values with the North Central, Northeast, and West Central districts reporting growth of 30% of more. High-quality land saw a 30.5% increase, while medium- and low-quality land increased 27.4% and 26%, respectively. In general, the results from the 2021 Iowa State University Land Value Survey echo results from other surveys, which all showed substantially higher farmland values.

Suggested Citation

  • Wendong Zhang, 2021. "2021 Iowa State University Land Value Survey: Overview," Center for Agricultural and Rural Development (CARD) Publications 21-wp629, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:21-wp629
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    Cited by:

    1. Alejandro Plastina & Oranuch Wongpiyabovorn & John M. Crespi, 2022. "What's in Store for Voluntary Agricultural Carbon Markets?," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-3, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    2. Jian Chen & Hongli Feng, 2022. "Utility-scale Wind and Solar Development in Iowa: Trends, Prospects, and the Land Factor," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-2, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    3. Edward J. Balistreri, 2022. "Is the United States Trying to Undermine the WTO?," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-6, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    4. Shane Francis Conway & Maura Farrell & John McDonagh & Anne Kinsella & John R. Baker, 2022. "Farm Succession and Retirement across Continents and Cultures: A Focus on Ireland and Iowa," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-4, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    5. Oranuch Wongpiyabovorn & Chad Hart & John M. Crespi, 2022. "Fertilizer Markets: The Clash between Energy, Ag, Weather, Profits, and Policy," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-1, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    6. Wendong Zhang & Abulena Basha, 2022. "Will the Soaring Farmland Market Drop When the Federal Reserve Raises Interest Rates?," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2022-5, Center for Agricultural and Rural Development (CARD) at Iowa State University.

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