The value of cropland in Iowa rose more than nine percent according to a new report from the U.S. Department of Agriculture.
Iowa cropland rose 9.4% from 2013, from $8,000 to $8,750 per acre. Compare that to cropland in the corn belt – which includes Illinois, Indiana, Iowa, Missouri and Ohio - which rose 8.2 percent to an average of $7,000 per acre. The national increase was 7.6% per acre; that put the national average for an acre of cropland at $4,100.
Pasture land was up from $3,220 in 2013 to $3,400 per acre. Overall farm real estate increased from $7,700 per acre in 2013 to $8,500 per acre in 2014 in Iowa, the report said.
Low interest rates and record-high grain prices are credited with helping to drive demand for cropland, despite recent sharp drops in prices for corn and soybeans.
Get more information on Iowa farm land values from the USDA – click here.