Posted at: 04/08/2014 3:18 PM
Average Price still more than $11,000 per acre for Iowa's best farmland
DUBUQUE, Iowa (AP) - A survey shows the value of Iowa cropland has dropped for the first time since 2009.
The Dubuque Telegraph Herald reports the survey from the Iowa Realtors Land Institute shows the value of tillable cropland fell by 5.4 percent in the past six months. The report found the average price of high-quality farmland was $11,104 an acre, a drop of $570 from the last survey released in September.
The survey showed declines in all nine regions of the state, with the largest drop in southeast Iowa.
Reasons for the decline include lower commodity prices, higher input costs and increasing interest rates.
Prices for Iowa farmland have more than doubled in the past five years. Average high-quality farmland cost $5,297 in 2009 but had soared to $11,515 by 2013.
(Copyright 2014 The Associated Press.)