Iowa’s average farmland values reached historic levels this year, soaring 17% since November 2021 to $11,411 per acre, according to Iowa State University’s (ISU) annual land value survey unveiled last week.

Values are higher this year than at any point since ISU began surveying farmland in 1941, and when adjusted for inflation, the 2022 average value surpasses the previous inflation-adjusted record value set in 2013.

Nominal land values reached their highest level in the 82-year history of the survey, up $1,660 per acre from a year ago on average, said Wendong Zhang, assistant professor and Extension economist at Cornell University and former ISU Extension economist who headed up this year’s survey.

“We have seen essentially a dramatic increase in the land market again following last year’s 29% run up,” Zhang said. “This year, the nominal value rose 17%, ...