Blogs & News

Executive Summary

• Early-quarter optimism contributed to farmland value increases in many counties and six states. We expect the reality of tariffs to exert downward pressure on values in Q2. 
• Indiana, Iowa, Missouri, Nebraska, Ohio, and Wisconsin saw increases in farmland value at the state level, while Illinois and North Dakota saw dips. In Minnesota and South Dakota, values were flat.
• In most states, the top and bottom counties by value were similar but not identical to those we reported last quarter, suggesting natural fluctuations based on recent sales.
• Real-time data on farmland value is available at FarmlandIntel.com.

Q1 2024: Modest Value Growth in Most of the Midwest

Welcome to the second edition of the Growers Edge Farmland Value Index (GEFVI). In this quarterly report, we provide insight into farmland values by county in the Midwest. Our goal is to release reliable data more frequently than the National Agricultural Statistics Service (NASS), which releases updates only once per year.

If you’re interested in more updated or more granular data, you can always search our Farmland Intel database to see the current value of your property, your neighbors’ properties, or the properties of your sworn enemies (we won’t tell).

In this report, we show the top and bottom five counties by farmland value in each state, as of Q2 2025 (view the Q1 report here).

To provide some context for those numbers, we also show the five-year farmland value trend by state, both according to both our data and that published by NASS.

Our values differ slightly from NASS values, for several reasons:

1. To calculate our index numbers, we use valuations of benchmark farms in every county we cover. These farms are hypothetical properties consisting of 80 acres in the county in question with the county’s average soil rating. NASS numbers are based on surveys.
2. We use actual sales to inform our valuations, as sales are what provide evidence of changes in land values.
3. We emulate the appraisal process, using actual sales to create valuations for our benchmark farms. (For example, the sale of a property with poor soil can still be used as a comp without tanking subject valuation because we adjust for soil rating).
4. Our numbers are updated quarterly (and more often in some cases), whereas NASS data is updated only once per year.

The Growers Edge Farmland Value Index includes roughly 1,200 benchmark farms.

What’s Driving Farmland Values in Q2 2025?

A lot can happen in a quarter.

Back in January and February, many properties that had been sitting unsold got bought, creating some momentum, as Matt Vegter, spokesperson for the REALTORS Land Institute, noted in a recent interview.

That momentum is reflected in land prices that ticked up in several states.

Later in the quarter, however, the mood shifted as talk of widespread tariffs took center stage. By March, when data for the Purdue University / CME Group Ag Economy Barometer was gathered, producer sentiment had dropped 12 points month over month. What’s more, 30 percent of producers expected a decline in exports in the coming months and 43 percent cited trade policy as the most important policy consideration for their farm. Before November’s presidential election, most agreed that interest rate policy was most important.

The data in this report is from before tariffs took effect; we’ll pay close attention to their impact on land values in the coming months.

Read more: 42% of Farmers Weren’t Profitable Last Year. How Can Retailers Weather the Storm? 

Read on for state-by-state trendlines over the last five years, along with each state’s top and bottom five counties by land value as of Q2 2025.

For an assessment of your land’s current value, visit Farmland Intel.

Farmland Values by State and County

Scroll to view farmland values in the Midwest by state or view the complete data set informing these highlights here.

Illinois: Current Farmland Value by County

IL farmland values peaked in Q2 2024. In Q1 2025, they were down 5.7 percent from that peak. Per Agrinews, the latter half of 2024 into early 2025 marks the first time since 2019 that Class A land prices haven’t increased and the first time since 2018 that Class B prices haven’t increased.

While IL farmland value decreased at the state level, the losses weren’t universal: the average value of the top five counties decreased 3.7 percent compared with last quarter, while the average value of farmland in the bottom five counties actually ticked up 5.6 percent.

Note that the numbers in this report compare average value of the top and bottom five counties by average farmland value in Q1 2025 vs. the top and bottom five counties by average farmland value in Q4 2024; in most cases, these are not the same group of five counties, though there is often overlap.

As of Q2 2025, the top and bottom five IL counties by average farmland value per acre are as follows:

Indiana: Current Farmland Value by County

In Indiana, farmland values increased 7.1 percent QoQ and ticked up 1.4 percent from the previous peak in Q3 2024. 

The average value of farmland in the top five IN counties increased by 4.4 percent QoQ; average value among the bottom five counties increased by 6.2 percent. Here’s a look at the top and bottom five IN counties by current per-acre land value.

Iowa: Current Farmland Value by County

The pent-up demand mentioned earlier led to more sales in January than the rest of the quarter. Overall, prices rose 8.3 percent QoQ, though there’s some evidence that prices leveled off as the quarter progressed. Likely culprits: continued low commodity prices and concerns about the impacts of tariffs.

In Iowa, value growth was uneven; average value in the top five counties increased 20.2 percent QoQ, while the bottom five saw values rise just 9.6 percent. The top five IA counties by average farmland value per acre are below:

The bottom five counties are:

Minnesota: Current Farmland Value by County

MN Farmland values were down 8.7 percent from the peak in Q2 2024 and mostly flat from Q4.

At both the top and bottom, MN saw QoQ farmland value losses at the county level: the top five counties saw an average value decrease of 4.1 percent; the bottom five, an average decrease of 3.6 percent.

Here’s a closer look at MN counties where farmland values are highest and lowest.

Missouri: Current Farmland Value by County

Missouri was another state where farmland values continued to rise in Q1 2025. While the last few quarters have been a bit jumpy, the trend has ultimately been up, with values peaking this quarter, up 15.5 percent from Q2 2024 and 5.5 percent from the previous peak in Q3 2024.

While the top five counties saw average QoQ value growth of 15.0 percent, the bottom saw even greater gains, with an average 17.8 value increase among the bottom five counties. Top and bottom MO counties by current farmland value are below.

Nebraska: Current Farmland Value by County

Net farm income decreased 17 percent statewide in 2024, driven largely by depressed corn and soybean prices (livestock farming operations are faring slightly better). Farmland values, however, ticked up 7.0 percent QoQ, though they’re still down 9.4 percent from their Q3 2021 peak.

The disparities in growth in Nebraska were notable: while the top five counties saw an average value QoQ increase of just 2.4 percent, the bottom five saw a 17.5 percent jump.

Here’s a look at top and bottom farmland values by NE county.

North Dakota: Current Farmland Value by County

As of Q2 2025, farmland values in ND were down 15.8 percent from their Q2 2023 peak and down 2.8 percent QoQ.

North Dakota saw unequal value losses QoQ. In the top five counties by value, average farmland value decreased by 1.8 percent; in the bottom five, average value was down 10.0 percent.

Below are top and bottom ND counties by farmland value.

Ohio: Current Farmland Value by County

In OH, farmland values ticked up 2.8 percent during Q1 2025 (compared with Q4 2024), though they were down 9.0 percent from their Q4 2023 peak.

As we mentioned in our last report, Ohio farmers may also experience increased property taxes in 2025, thanks to adjustments in Current Agricultural Use Value (CAUV). Because these adjustments are based on seven-year value calculations, high commodity prices from 2021 and 2022 are raising averages and therefore taxes owed.

Ohio’s statewide growth wasn’t reflected in its most valuable counties: the top five averaged a 16.6 percent loss in value QoQ, while the bottom five saw a one percent value increase.

Here’s a look at OH’s top and bottom five counties by current land value.

South Dakota: Current Farmland Value by County

As of Q2 2025, SD farmland values were down 17.9 percent from their Q4 2022 peak but flat QoQ.

While farmland values were flat overall in South Dakota, both the top and bottom of the distribution saw losses QoQ: the top five counties’ average farmland value decreased by 4.8 percent, while the bottom five counties’ average value decreased by 9.9 percent.

Here’s a look at top- and bottom-performing SD counties by current land value.

Wisconsin: Current Farmland Value by County

Wisconsin is among the states that saw increases in farmland value during Q1 2025, with values up 13.7 percent QoQ. This follows a QoQ increase last quarter as well, when values rose 17.8 percent.

Wisconsin’s gains were uneven: the top five counties averaged a 9.0 percent increase in farmland value QoQ, while the bottom five averaged a 39.9 percent value increase.

Below are top- and bottom-performing WI counties by farmland value. 

Get Real-Time Data on the Value of Your Land

Farmland values in much of the Midwest were down from their peaks as of Q2 2025 – but that’s not a uniform trend. In some states, in fact, values rose.

In the coming months, as trade policy unfolds, there may be additional volatility. Whatever the day’s headline, you can always get a real-time quote for your land at Farmland Intel.