The average value of an acre of excellent-quality Illinois farmland was steady to 5% weaker in 2017, according the annual survey conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA). The survey found the value of excellent-quality ground in northern Illinois was 1% to 2% lower, ranging from from $10,500 to $11,000 an acre. In central Illinois, the average value of excellent-quality farmland was flat to 5% lower, ranging from $10,350 to $11,125 per acre. In southern Illinois, the value of excellent- and good-quality farmland remained unchanged from 2016, ranging from $8,000 5o $10,885 per acre.
The survey found cash rents for excellent-quality ground declined by $25 in 2017 versus 2016 to an average of $325 an acre. Average cash rents ranged from $295 to $325 per acre in northern Illinois, $300 to $350 per acre in central Illinois and $160 to $325 per acre in southern Illinois.
The survey also found farmers accounted for 64% of all buyers in 2017 with investors accounting for 23% of buyers.
Private treaty was the dominant method of sale, accounting for 49% of sales. Public auctions accounted for 35% of sales with multi-parcel auction 11% and sealed bids 5%.