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Executive Summary

• In all but two states (Ohio and South Dakota), average land values declined between Q1 and Q2 2025.
• The decreases are likely a result of two forces: some legitimate declines in land value (due to continued high interest rates, low commodity prices, etc.) and some increase in farmers selling lower-quality (less profitable) land to meet cashflow needs.
• In the coming quarters, expect 45Z provisions to impact land value. More on that below.

Q3 2025: Values Wither Slightly, But Opportunity Blooms

Welcome to the third 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.

In this report, we show the top and bottom five counties by farmland value in each state, as of Q3 2025 (view the Q2 report here).

To provide some context for these numbers (which represent roughly 1,200 benchmark farms), we also show the five-year farmland value trend by state, both according to both our data and according to NASS.

What’s Driving Farmland Values in Q3 2025?

Last quarter, farmland values were up QoQ in most of the states we looked at. That changed during Q2. As of Q3, when we’re publishing this report, QoQ values are almost universally down, as is farmer sentiment. The two exceptions saw only minimal increases (1.7% in Ohio and 1.4% in South Dakota).

The forces at play aren’t surprising: during Q2, a difficult market continued to plague farmers. Commodity prices remain low, while costs and interest rates are still high. Add to that the uncertainty around tariff policies—the second quarter was much more volatile than the first in that regard.

Those factors would be enough to drive prices down on their own; however, we suspect the numbers in this report are also impacted by some farmers selling off lower-quality (and therefore lower-valued) land to help with cashflow shortfalls.

While we do adjust for land quality in the index, a surge in lower-quality land sales would still likely affect the state-level trends.

That’s the bad news.

The good news? Many farmers have a major opportunity to increase their land’s valuation in Q3 and beyond, thanks to the newly codified 45Z provision, which was cemented in the recently passed “One Big Beautiful Bill” Act. Let’s take a closer look at the opportunity ahead.

45Z’s Potential Impact on Farmland Value

By now, you’ve likely heard that the “Big Beautiful Bill” signed into law on July 4 cements 45Z, a tax credit for low-carbon fuel producers. Hxere’s how it works:

• Producers of low-carbon fuel (ethanol, renewable diesel, SAF) can get a per-gallon tax credit.
• The credit is tied to the carbon intensity (CI) of the feedstocks used to make the fuel.
• The lower the CI score, the larger the credit.
• Farmers can lower a crop’s CI score by using certain on-farm practices that decrease a crop’s carbon footprint, including cover crops, reduced nitrogen applications, and reduced tillage.
• Fuel producers pay a premium for crops with low CI scores so they can maximize their 45Z credits.

So how might this impact land value?

Farms that incorporate sustainable practices that lower the carbon intensity of their crops could see higher land valuations. Obviously, valuations don’t just happen. Given the passage of 45Z, appraisers and digital land valuation models may start factoring in sustainability more often. This might look like…

• Carbon audits. Carbon-related metrics and operational sustainability may start to become a more normal part of land appraisals.
• Scenario modeling. Appraisers might start highlighting potential revenue from various practices, including conventional farming, regenerative farming (which could, by some estimates, increase yields by as much as 10 to 30 percent), and participation in the carbon market.
• Environmental risk assessments. High-risk land (where sustainability practices are not in place) could see its valuations discounted.
• Soil health considerations. Current appraisal practices don’t account for soil health as a result of land management practices. Factoring soil health into land appraisal (as advocated for by the Delta Institute) could lead to higher valuations where regenerative practices yield healthier soil.

Qualifying for 45Z Benefits: Get Your CI Score

As you may have guessed, the key to reaping the benefits of 45Z as a farmer is to have a low CI score—which means you need a way of measuring your CI score today and (potentially) lowering it so it’s within acceptable range.

Continuum Ag currently offers this service for a relatively low price. If your CI score is not below 50, you can work with an agronomist at your local retailer to identify products and practices that will help you reduce the carbon intensity of your farm.

(Retailers: if you’re interested in helping farmers adopt products and practices that can lower CI scores, please reach out.)

This is an exciting time—we look forward to tracking how 45Z impacts farmland values in the coming quarters. For now, let’s take a closer look at values by state and county.

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

Statewide, IL farmland values were down 9.1% QoQ, and down 14.3% from their peak in Q2 2024.

The drop in farmland value Illinois saw was powered largely by decreases in lower-value property. The average value of the top five counties decreased just 1.3%, while the average value of farmland in the bottom five counties was down 19.0%.

Note that the numbers in this report compare average value of the top and bottom five counties by average farmland value in Q2 2025 vs. the top and bottom five counties by average farmland value in Q1 2025; in most cases, these are not the same group of five counties, though there is often overlap.

As of Q3 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 value was down 7.3% QoQ at the state level.

Looking at IN farmland values at the county level, though, we saw a different story than in IL: the top five counties saw values decrease 6.2%, while the bottom five actually saw values tick up 0.9%.

Iowa: Current Farmland Value by County

Since last quarter, Iowa farmland values ticked down 1.3% at the state level.

That decrease wasn’t uniform across types of farmland, however. For the top five counties by farmland quality, values actually rose 8.8%, while they fell 7.3% for the bottom five counties.

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 3.3% QoQ and down 5.6% from their peak in Q2 2024.

This was a state where changes were particularly uneven: the top five counties by value saw an increase of 8.9% in Q2, while the bottom five counties saw values decrease by 9.1%.

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

Missouri: Current Farmland Value by County

In Q2, Missouri farmland values fell 18.8% QoQ, after peaking in Q1.

While the bottom MO counties saw slightly greater value losses, valuations took a beating statewide. The top five counties saw a value loss of 12.9%, while the bottom five saw a drop of 16.0%.

 Top and bottom MO counties by current farmland value are below.

Nebraska: Current Farmland Value by County

In Nebraska, farm values just barely inched down, losing 0.4% value QoQ. In recent quarters, NE farmland value has been steadier than some of its peers, though values are off 9.8% from their peak in Q2 2021.

The decreases in NE farmland value largely happened in the middle: in both the counties with the highest-value land and those with the lowest, prices increased (up 2.4% and 3.0%, respectively).

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

North Dakota: Current Farmland Value by County

North Dakota farmland value fell 5.4% QoQ. Q2 numbers were 20.3% down from their peak in Q2 2023.

As with last quarter, ND saw unequal value losses QoQ. While the top five counties saw an average value gain of 1.8%, the bottom five saw value fall by 13.4%.

Below are top and bottom ND counties by farmland value.

Ohio: Current Farmland Value by County

Ohio, one of the two states to see farmland value increases in Q2, saw values rise 1.7% statewide, though they were down 7.4% from their Q4 2023 peak.

The most valuable counties performed even better than the state as a whole, with the top five counties seeing value rise by 3.3%. The bottom five counties, however, notched a 0.5% decrease in value.

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

South Dakota: Current Farmland Value by County

South Dakota, another of two states with value increases in Q2, saw farmland values rise 1.4%, though they remain down 16.8% from their Q4 2022 peak.

While farmland values rose statewide in South Dakota, those gains weren’t evenly distributed. Most happened among the bottom five counties by value, where we saw increases of 11.0% QoQ. The top five counties, on the other hand, saw decreases of 4.5%.

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

Wisconsin: Current Farmland Value by County

Farmland values in Wisconsin were down 9.8% QoQ, after peaking in Q1.

The statewide losses were unevenly distributed. While the top five counties by land value saw values fall by 14.4%, the bottom five saw declines of just 4.0%.

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

Get Real-Time Data on the Value of Your Land

Curious about the value of the acres you work? Get a real-time quote at Farmland Intel.

Whether you’re planning to sell, doing long-term financial forecasting, or just curious, knowing your farmland’s value can help.

About the Data Behind the Growers Edge Farmland Value Index

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.

We use actual sales to inform our valuations, as sales are what provide evidence of changes in land values.

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).

Our numbers are updated quarterly (and more often in some cases), whereas NASS data is updated only once per year.

Because of these things, our values differ slightly from NASS values.