The average farm real estate value for Illinois in 2024 is $8,700 per acre, including the value of the land and buildings. That is 3.3 percent higher than the adjusted 2023 average of $8,420 per acre. It’s the third-highest increase since 2015.
With that 3.3 percent increase in the average farm real estate value from 2023 to this year, the average Illinois farm real estate value for 2024 was 17 percent higher than the 2015 value of $7,430 ten years ago. Since 1970, the average farm real estate values have declined only eight times as compared to the previous year. There were four years when the value increased over 20 percent, the last coming in 2005.
From 2015-2020, the change in values hasn’t varied as much, ranging between -1.9 percent to 1.7 percent during that period. Since 2020, the value increase averaged 5.2 percent, with 2022 the biggest increase at 10.5 percent.