Land values continue to strengthen in some parts of the Midwest.
Justin Martin is a certified appraiser for Compeer Financial in west-central Illinois and says a farm recently sold for more than $20,000 an acre, reflecting a market that has yet to peak.
“Last June we probably had prime farmland selling for like the $17,000 to $17,500 range, somewhere in there. Last fall, stuff kind of took another step up and we were having several sales that were in the $18,000 to $20,000 per acre range.”
He tells Brownfield crops in his area are struggling because of drought and that could affect the land market around harvest.
Source: brownfieldagnews.com
Photo Credit: GettyImages-Jacqueline Nix
Categories: Illinois, Business