Steady Ground: Illinois Farm Real Estate Values Show Continued Strength in 2024

Each year the National Agricultural Statistics Service of the USDA releases estimated average farm real estate values by state. The estimates are based on surveys of farmers from selected geographical areas. The surveys follow strict statistical guidelines. Estimated values may be revised the following year based on additional information. Revisions may also be made based on data from the 5-year Census of Agriculture. The methodology and timing of the study has changed over time, but the statistical information provides some insight as to the changes in farm real estate values from year to year. In 2024, the 2022 Census of Agriculture was finalized, and revisions have been made to the 2019 – 2023 data and these are the final estimates. All of the years were adjusted down with a range of 1.9% to 9.5% for an average downward adjustment of 5.8% or $490 per acre per year. Table 1 shows these differences.