The annual Iowa State University Land Value Survey found that average farmland values increased 0.7%, or $83, to $11,549 per acre. The nominal value of an acre of farmland this year increased over last year’s nominal value, but is still about $286 per acre lower than the 2023 peak of $11,835.

Rabail Chandio, assistant professor and extension economist at Iowa State University, is responsible for the annual survey. Chandio said that she typically considers changes of less than 5%, whether up or down, as more of an adjustment than a true market change. “Changes of that size often reflect variation across ...