Low commodity prices, high interest rates, steep input costs drive prices lower.

Iowa’s average farmland values decreased 3.1%, or $369, to $11,467 per acre this year, erasing last year’s 3.7% gain and ending a five-year trend of rising land prices.

According to the annual Iowa State University (ISU) Land Value Survey unveiled Dec. 17, the nominal value of an acre of farmland fell from last year’s record high of $11,835 but remains higher than the 2022 average. Adjusted for inflation, the 2024 value is 2.5% lower...