Iowa’s average farmland values rose again in 2023, although at a slower pace than the last two years, climbing 3.7% since November 2022 to $11,835 per acre, according to Iowa State University’s (ISU) annual land value survey unveiled last week.

Values are higher this year than at any point since ISU began surveying farmland in 1941. When adjusted for inflation, the 2023 average value surpassed the previous inflation-adjusted record value set in 2022 by 0.5%. This year’s increase follows a 17% increase a year ago and a near-record 29% increase in 2021. The 3.7% increase in 2023 amounts to $424 per acre on average.

Rabail Chandio, assistant professor, ISU Department of Economics, who is responsible for the annual survey, said after three years of increases, there appears to be a plateau in farmland values with more modest gains or a leveling off in...