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

14 hours ago in Local

UIS Breaks Ground on Student Union

5-4-16 UIS Groundbreaking

Ground has been broken on what is being referred to as the "Living Room" for the students of the University of Illinois Springfield.

14 hours ago in Local

Aeropostale to Close Springfield, Forsyth Stores

aeropostale

Aeropostale files for Chapter 11.

14 hours ago in Local

Social Service Groups Sue Governor for $100M Past Due

Illinois Republican gubernatorial candidate businessman Bruce Rauner participates in a Republican gubernatorial candidate debate Tuesday, Feb. 18, 2014, in Springfield, Ill. The four Republican gubernatorial candidates said that they’ll be willing to work with unions if elected but differed on how to approach the relationship during a downstate debate that largely focused on pension reform, taxes and just briefly on personal issues that have dogged some of the candidates.

Five dozen social service agencies working without pay for nearly a year because of the Illinois state budget stalemate are suing Gov. Bruce Rauner.

14 hours ago in Local

Trial Set for 2 of 6 Men Accused of Dismembering Woman’s Body

Champaign Police Murder Arrests WAND

Two of the six men charged with dismembering a missing Champaign woman will be held for trial after a judge heard testimony from a detective.

16 hours ago in Local

Death Knell for Graduated Income Tax

tax

Sponsors blame Rauner