Mike Pearson tells us all eyes are on the Iowa land value survey as 2023 comes to an end.

The Iowa State University land value survey started in 1941. It provides the annual snapshot of the state's land market.

This year's survey drew responses from 282 ag professionals.

The average land value was $11, 835 per acre.

That's a gain of $424 from 2022.

It's the third year of consecutive price increases.

This year's 3.7 percent increase was smaller than last year's 17 percent increase and smaller than the 2021 price increase of 29 percent per acre.

Professionals surveyed say they are still seeing vales increase but a lot more modest and the sales have slowed down.

The main factors that influenced price include: Yields, a better balance sheet and less land on the market.

There were fewer sales in 2023 and estate sales were the primary type of land transactions.

A whopping 48 percent feel local land prices will decline in 2024 but feel there will be more land sales over the next five years.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.