Illinois values plateaued in 2025, according to the annual survey of farmland professionals conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA).
Responses to the survey “indicate farmland prices have reached a plateau. About 61% of respondents expect farmland prices to decline in 2026,” reports Dr. Gary Schnitkey, University of Illinois Department of Ag and Consumer Economics and Dr. Juo-Han Tsay, assistant director, TIAA Center for Farmland Research, who conducted the survey. “Still, most of the respondents expect farmland prices to increase in the next five years,” they note.
“In total, 50% of respondents expect farmland prices to decline in 2026 between 0% and 5%, while 11% expect prices to decline between 5% and 10%. Of the remaining respondents, 25% expect farmland prices to remain the same while 14% expect an increase,” they say.
The survey indicates the average and median sales prices paid during 2025 using Excellent Quality farmland, as the example, with a decline of 3.2% in average price ($15,846 per acre); an equal decrease of 3.2% on median price paid ($15,984 pr acre). Average price paid for Average Quality land was down 0.6% to $9,933 while the median dropped 4% percent to $9,436 per acre.
According to Luke Worrell, AFM, ALC, with Worrell Land Services, Jacksonville, IL and chair of the ISPFMRA survey and annual conference: “As you will read in the report there was a lot of activity in Illinois agricultural in 2025. Largely reported was continued movement in a downward direction from the euphoric highs and crazy markets of 2021-2023. Volatility in our grain and land markets is something for which we have all grown accustomed. We should continue to expect it. There is no shortage of ‘news’ that impacts us here in Illinois agriculture. It isn’t simply weather as it might have once been. Markets shift on a dime these days for the Illinois farmer. Swings can be triggered by anything from a tweet to tariffs, Brazil to China and on and on. These topics have continued to move our markets here in the early part of 2026. While the data in the report highlights 2025, we are largely experiencing the same dynamics at time of publication.”
Rents are flat
According to Schnitkey and Tsay, “Incomes were about the same for rented farmland in 2025 as in 2026. Cash rents increased slightly going into 2026 and are not expected to decline into 2027.” For Excellent quality farmland, traditional crop share leases averaged an income of $250 per acre, cash rents averaged $300 per acre, custom farming averaged $375 per acre. Custom farming resulted in the highest return among these arrangements. In 2026, 35% of leases are traditional cash rent with traditional crop share and variable cash rent tied at 27% each.
The survey found farmers accounted for 58% of all buyers, with 56% being local farmers and 2@ relocating farmers. Individual investors who would not farm the land were the next largest group, accounting for 34% of buyers. Local investors accounted for 16% and non-local investors accounted for 12%. Institutions accounted for 8% of all buyers
Survey respondents estimate 62% of land purchases required some form of debt financing. Of those financing with debt, the amount of debt financing averaged 54% of the purchase price.