The average value of farmland in the state of Iowa has declined for a third straight year after hitting record highs in 2013.
Farmland values decline for thrid year
By Chris Deback
cdeback@thefayettecountyunion.com
For the third year in a row, average Fayette County farmland value has been in decline.
According to the annual Iowa State University Land Value Survey, the average estimated worth of farmland in Fayette County is approximately $7,694 per acre. That is a decrease in $529 per acre over 2015, which saw land value at $8,223.
Fayette County isn’t the only one to see the decline as the state of Iowa has also a whole has seen a decrease in land value for the third straight year. In fact, every county across the state reported a drop in farmland value. In 2015, the average value of farmland in Iowa was $7,633. There was a $450 decrease in 2016 to $7,183, which amounts to a 5.9 percent drop in value. The survey represents a statewide average of low-, medium- and high-quality farmland.