Land prices recently went through a large spike. Auction results for Iowa cropland reported by DreamDirt show at least one auction a month with farmland selling for over $20,000 per acre for every month in 2023 so far. August results are not yet posted. This includes results for more auctions than just those conducted by DreamDirt.

USDA provides an annual estimate of US farmland value. Their reported values are much lower than the high-end auction prices but have still trended up over time (Figure 1). Average Iowa cropland values were $10,100 per acre in 2023 according to USDA, up from $9,350 in 2022 and $7,810 in 2021. Only two states had a higher reported crop land value in 2023: New Jersey ($18,100/acre) and California ($15,880/acre).

Figure 1. Iowa Farmland Statistics

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