DES MOINES, Iowa (AP) — An annual survey by Iowa State University shows Iowa farmland prices jumped nearly 16 percent in the last year to an average of over $5,000 an acre.
The survey, released Wednesday, shows the average price rose from $4,351 an acre to $5,064 an acre from November 2009 to last month. The price is approaching the all-time high, inflation-adjusted average of $5,116 an acre in 1979.
The survey is based on more than 400 interviews from land brokers, farmers and lenders.
The figures are little surprise. Several sales this fall netted over $8,000 an acre.
Land values in Iowa dipped by 2 percent in the 2009 survey, but in 2010, prices have surged along with increase in corn and soybean prices.
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