Iowa farmland values drop nearly 9 percent over past year

corn field

DES MOINES, Iowa (AP) — A new survey shows that farmland values in Iowa have dropped nearly 9 percent over the past year.

The survey, released on Wednesday from the Iowa chapter of Realtors Land Institute, says farmland values have dropped about 25 percent from peaks in 2013.

The Des Moines Register ( ) reports that the state’s average farmland value through September was $6,486 an acre. The average value in September 2013 was $8,750 an acre.

The survey says all nine crop reporting districts showed year-over-year declines ranging from 6.7 percent in northeast Iowa to 11.7 percent in southwest Iowa. Land values are expected to continue to fall due to declining corn and soybean prices.

U.S. farm income this year is expected to be 42 percent lower than the peak in 2013, according to the U.S. Department of Agriculture.