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Illinois farmland values rise
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[AUG. 18, 2005]
URBANA -- A midyear survey of Illinois farmland
values will be released in detail Aug. 31 at 10:30 a.m. in the media
tent at the Farm Progress Show in Decatur, said a University of
Illinois Extension farm financial management specialist.
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"The survey was conducted by the Illinois Society of Professional
Farm Managers and Rural Appraisers, and it shows that farmland
values in the state continue to rise," said Gary Schnitkey. "The
rise in value has been at a steady rate of 5 percent for the first
half of the year in downstate. Values in the outlying Chicagoland
area rose at a much faster rate of 10 percent." Schnitkey noted
that there are widespread reports of prime farmland clearing the
$5,000 per acre mark in many central and northern Illinois counties.
"This is a historic level for farmland values in Illinois," he
said.
Among other trends, the survey finds that recreational farmland
is increasing at a faster pace than typical farmland, as urban
residents increasingly seek to buy land for hunting and recreation.
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"The volume of farmland sales is up in 2005," said Schnitkey.
"Normally, summer is a slow season in the farm real estate marketing
year. But we've seen an increased volume of land selling because of
these high prices. Land that has not been on the market for decades
is now available for purchase."
Schnitkey said that representatives of the Illinois Society of
Professional Farm Managers and Rural Appraisers as well as U of I
staff will be on hand Aug. 31 to present the survey results and
answer questions.
[News release from the
University of Illinois College
of Agricultural, Consumer and Environmental Sciences]
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