News

Farmland Values Are on the Rise

Farmland Values Are on the Rise

The value of farmland in Illinois continues to rise.

The USDA reports that Illinois cropland, worth an average of $4,590 an acre in 2009, has gone up in value every year since, and last year was worth $7,190 an acre – a 56 percent increase.

Gary Schnitkey, a University of Illinois professor of farm management, says with commodity prices strong, farmers have money and bankers are willing to lend. “Commodity prices took a fairly large increase in 2006, primarily because of the use of corn in ethanol, and since then we’ve seen steadily rising land values,” he said.

Schnitkey says the value of farmland for development isn’t what it was before the housing bust, but he says the land is valued more when it’s near cities such as Champaign, Decatur and Bloomington.

Also, he says it’s a good place for investors to put money, since other low-risk investments aren’t paying much.

The value of all agricultural real estate in Illinois – cropland, pastureland and farm buildings – is pegged at $190 billion, up from $119 billion in 2009.

Recent Headlines

in Local

Higher Speed Limits Expanding to Tollroads: Senate Overrides Vetoes

speed limit 70

The Illinois Senate has overridden the governor's vetoes of bills raising speed limits in Illinois.

in Local

Supreme Court Decision: Illinois May Have To Set Up Its Own Website

online-health-620x400

Illinois may have to set up its own insurance webpage because of U.S. Supreme Court's ruling on Affordable Care Act.

in Election 2014, Local

Governor-Elect Rauner Prepares To Take Reins of Illinois’ Government

governor's mansion

Governor-Elect Bruce Rauner busies himself with plans for taking reins of Illinois' government.

in Local

Heroin Kills: Man Sentenced To 24 Years For Dealing Lethal Drug

heroin

A Pekin man is given 24 years in prison for selling heroin that prosecutors say killed at least three people.

in Local

Springfield Fire Captain Arrested for Wielding Gun

gun

The Menard County Sheriff's office says a Springfield Fire Department captain has been arrested for carrying a shotgun into a rural Athens home and threatening residents.