Another wild year for Illinois land values
The chairman of the Illinois Farmland Values and Lease Trends Report says 2022 was “another wild year”.
Luke Worrell with Worrell Land Services in Jacksonville tells Brownfield land values spiked again in 2022, with “Class A” land up by around 17%.
“I think it is important that we put this in context with what happened in 2021. When you add those two year together we have seen an over 40% increase in value on average for Class A and Class B farmland and even lower classifications of land have seen double digit increases.”
He says higher commodity prices and economic uncertainty have been some of the main drivers, but the real question is how changes in those factors will influence values in 2023.
“I still think throughout 2023 you are going to see those sales that make you scratch your head and say ‘Oh my gosh I can’t believe it brought that’ but I think there is going to be a lot more variability to what you see. I think you are going t see fewer transactions and there are going to be a few that aren’t as strong as what we have grown accustomed to.”
But he says after a couple of strong years, a gradual softening could be healthy for the market.
Brownfield interviewed Worrell at the 2023 Illinois Land Values Conference in Bloomington on Thursday. Those interested in viewing the newly released Illinois Farmland Values and Lease Trends Report can purchase a copy at www.ispfmra.org