And the rise in farmland was up right across the board for Good, Average, Fair and Recreation lands.
Within the Good farmland sector, 2021 saw values rise to US$10,710 (~CDN$13,385) per acre from 2020’s value of US$8,446 (~CDN$10,555).
Average farmland saw gains in 2021 from US$7,445 (~CDN$9,302) per acre, up from 2020’s US$6,409 (~CDN$8,008).
Fair farmland only saw a modest per acre increase—but an increase nonetheless—to US$5,500 (~CDN$6,872), up from US$5,353 (~CDN$6,689) in 2020.
Recreation land rose in value from US$4,615 (~CDN$5,766) per acre in 2021 from US$3,689 (~CDN$4,609) in 2020.
One of the driving factors for the rise in land values is that in 2021, Illinois farmers were able to sell their grain at nearly 50 percent more than what they realized in 2020—of course, interest rates remained low.
Also helping fuel the 26 percent rise in values over 2020, was that in 2021 more Excellent farmland properties were sold.
The ISPFMRA also noted that land values around the State differed depending upon the region where the land was sold.
Region 8 saw the highest values for Excellent rated farmland—the counties of Madison, Bond, St. Clair, Clinton, Washington, Monroe, and Randolph. Excellent farmland saw average sales per acre of US$15,714 (~CDN$19,624); Good at US$11,473 (~CDN$14,328); Average at US$10,284 (~CDN$12,843); Fair a respectable US$7,679 (~CDN$9,591), and; Recreational a below average US$3,530 (~CDN$4,409) per acre.