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Will farmland market settle in 2023?

Photo by Riley Smith

A Northwest Iowa land sale in Sioux County recently made headlines with a new record price of $30,000 an acre. The sale shows the continued high demand for premium farmland.

Seventy-three acres of high-quality farmland in Sioux County, Iowa, sold for $30,000 per acre at auction on November 11. That’s a total sale worth $2.195 million. Paul Shadegg, the senior vice president of real estate operations for Farmers National Company, says that while most land sales don’t hit that high price, farmland prices are still strong

It is hard to forecast what the farmland market will look like in 2023, will prices drop at all? Shadegg says that many industry experts thought the market would settle in 2022.

The biggest driver of high farmland prices is quite easy to determine.

That’s Paul Shadegg of Farmers National Company.