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"This is the highest value on record," said Dale Lattz,
University of Illinois Extension farm financial management
specialist who prepared the report based on data from the USDA's
National Agricultural Statistics Service. The full report,
"Fourth Year in a Row of Double-Digit Increases for Illinois
Farm Real Estate Values," is available at U of I Extension's
farmdoc site on the Web. (See
report.)
"The $5,000-per-acre figure includes the value of all land
and buildings," said Lattz. "The figure is 15.5 percent higher
than the 2007 average of $4,330 per acre. This increase marks
the fourth year in a row of double-digit increases.
"The 2005 value increased 27.6 percent, the 2006 value
increased 14.1 percent, and the 2007 value increased 13.9
percent. The 2008 percent increase was the second-highest since
1977."
Lattz noted that farm real estate values have shown a
year-over-year increase every year since 1988, or 21 consecutive
years.
"Since 2000, Illinois farm real estate values have increased
121 percent," he said.
Lattz said the current strength in farmland values appears to
be driven by higher corn and soybean prices and the expectation
that those prices will remain high due to strong demand.
[Text from file received from
University of
Illinois Extension] |
