The chairman of the Illinois Farmland Values and Lease Trends Report says 2022 was “another wild year”.
Luke Worrell with Worrell Land Services in Jacksonville tells Brownfield land values spiked again in 2022, with “Class A” land up by around 17%.
“I think it is important that we put this in context with what happened in 2021. When you add those two year together we have seen an over 40% increase in value on average for Class A and Class B farmland and even lower classifications of land have seen double digit increases.”
He says higher commodity prices and economic uncertainty have been some of the main drivers, but the real question is how changes in those factors will influence values in 2023.