The value of Illinois farmland eased 1% to 3% during the first half of 2026, according to the Illinois Society of Professional Farm Managers and Rural Appraisers. Based on its Mid-Year Snapshot Survey the organization says values were “flat to modestly lower” by July 1 compared to January 1.
The survey puts the average value of excellent quality farmland at $16,369 an acre, down 1.1% from January 1. The value of good quality land is $13,773 an acre, down 1.9%. Average quality land is $10,992, down 2.6%. Fair quality ground is $8,700 an acre, down 2.3%.
Some 61% of the respondents also expect farmland prices to remain stable during the second half of 2026, 13% expect increases of less than 3% and 8% expect increases of more than 3%. Of the remainder, 16% expect declines of less than 3% and a single respondent expects a decline of more than 3%.
Farmers remain the dominant buyers of farmland, according to the survey: 55% were farmers, 17% were local individual investors, 13% were non-local individual investors, 9% were institutions, 5% were recreational and lifestyle buyers and 1% were other.
“When you put farmers and local individuals together, you still have local money dominating the market,” says Luke Worrell AFM, ALC, Worrell Land Service, Jacksonville, Ill., who conducts the survey.
Estate settlement still dominates the reason for selling farmland, he notes. They accounted for 64% of sales. Other seller categories were farmers, 8%, local investors, 9%, non-local investors, 11%, institutions, 3% and other, 4%. The survey found 3% of the sales were tied to financial difficulties of the seller, Worrell says. He also points out that none of the sales were to a foreign investor. “I was surprised by that because last year that percentage was 14%,” he states.
Looking two years ahead, 45% of survey respondents expect farmland values will be higher, 42% anticipate they will be about the same and 13% expect lower values. “Three years ago, the survey said most respondents expected a decline,” he says.
The survey also looked at 2026 and anticipated 2027 cash rents. Results indicate a general decline of $3 to $5 in rents for 2027, says Jua-Han Tsay, assistant director of TIAA Center for Farmland Research, who conducted the rent survey. However, Worrell cautions these expectations were based on corn and soybean prices as of July 1. Survey respondents were expecting $4.54 per bu. for corn and $11.57 per bu. for soybeans at that time. Prices have changed significantly in recent weeks, he says, noting he sold corn this week for above $5 and soybeans for $12.50. “I think if you ask the question today the rents would be higher,” he says.
Of the various types of rents, Tsay notes variable cash rents now dominate at 35%, share rent follows at 25%, fixed cash rent at 21%, modified share rent at 12% and custom farming at 4%. The average supplemental payment on share rent is $35, Tsay states.
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