A SLOW UNWINDING

While some data shows farmland values are up, one expert sees farmland values declining due to market dynamics.

- Cassidy Walter

Are farmland values up or down in 2025? It depends on whom you ask. The data is mixed. The USDA and Purdue University show new highs, while other analyses demonstrate weakness.

Steve Bruere, president of Peoples Co., was skeptical of the positive numbers.

"I would just say that I absolutely think land values are down," he said. "I am surprised by [higher reports], because that's not consistent with what we see in the transactions that we tracked and handled."

Bruere said unless something changes to boost the market, he expects a “slow unwinding” of values within the next few years.

What Do the Numbers Say?

• USDA

The USDA's Land Values 2025 Summary, released in August, reported farm real estate value was up 4.3% year-over-year, to $4,350 per acre. Farm real estate includes all land and buildings on farms. Cropland was up even more, with a 4.7% increase from last year.

The report's estimates are based mainly on the results of a survey conducted April to June.

• PURDUE UNIVERSITY

The 2025 Purdue University Farmland Value and Cash Rents Survey found Indiana farmland hit new highs year-over-year. According to the June survey, top-, average-, and poor-quality Indiana farmland increased in value by 3%, 5.4%, and 7.6%, respectively.

• FEDERAL RESERVE BANK OF CHICAGO

The Federal Reserve Bank of Chicago covers the Seventh Federal Reserve District, which includes Iowa; the northern two-thirds of Illinois and Indiana; Michigan’s Lower Peninsula; and the southern half of Wisconsin.