The value of Iowa cropland declined 3.7% from March to September, according to the semiannual survey of farm real estate professionals conducted by the Iowa Chapter of REALTORS Land Institute. Combining this decrease with the 7.6% decrease reported from the March results in an annual decline of 11.3% from September 2014.
All nine Iowa crop reporting districts showed a decrease in average farmland values. The district declines ranged from a decline of 1.9% in the west-central district to a 5.4% decrease in the south-central district since March.
The survey pegs the average value of an acre of high-quality cropland at $9,531 an acre, down 3.8% from March 1. The average value of an acre of medium-quality cropland is reported at $7,054 an acre, down 4.4% from March 1. The average value of an acre of low-quality cropland is listed at $4,699, down 2.3%. The northwest crop district reports the highest average values with high-quality cropland pegged at $11,339 an acre followed by the east-central district with an average price of $10,061 an acre. Overall, cropland values in the northwest district are down 2.5% from March 1 while the east-central district is down 3.2% from March 1.
The value of non-tillable pastureland and timber land are reported as basically steady with March 1. The state average is reported at $2,780 per acre, down 0.7% from March 1, and the value of timber land at $2,285 per acre, down 0.4% from March 1.