The Seventh Federal Reserve District, which includes Illinois, Iowa, Indiana, Michigan, and Wisconsin, saw strong growth in its farmland values in 2022, according to a report from the Wisconsin State Journal.
While farmland values rose an average of 12% in the district during 2022, they didn’t quite keep pace with 2021, when values increased 22% for the year. However, 2022’s annual gain was the second largest in the past 10 years.
For 2022, Illinois farmland values increased by 14%, while Iowa and Wisconsin both saw an increase of 11%. Indiana farmland values increased the most over the year at 23%. Michigan’s values were not calculated.
For the final quarter of 2022, from Oct. 1 to Dec. 31, Illinois farmland values gained 2% while Indiana’s values gained 1%. Iowa’s farmland values in the final quarter fell 2% while Wisconsin’s fell 1%.
