Fall harvest is complete, and year-end is rapidly approaching. While most of Iowa struggled through drought conditions this summer, harvest somehow produced pleasantly surprising results in more areas than expected. Generally solid yields will support stable rents for 2024. And most operations will have profits from 2023, albeit smaller than the past couple of years.

As for the farmland market, I’ll look back on the year as one of transition. The record-setting sales and huge sale volumes of 2022 have both leveled off this year. However, the market is not weak. Several land value surveys reflect a “plateau effect” that is not all that surprising, given current conditions (e.g., higher interest rates, thinner profit margins on an average crop, uncertain geopolitical conditions, etc.). In my mind, prospective land buyers simply seem to be playing their cards a bit more conservatively than a year ago. As the sales below evidence, there’s still an appetite to be aggressive for the right piece of land —however, not every piece of land makes the cut.

Fall harvest is complete, and year-end is rapidly approaching. While most of Iowa struggled through drought conditions this summer, harvest somehow produced pleasantly surprising results in more areas than expected. Generally solid yields will support stable rents for 2024. And most operations will have profits from 2023, albeit smaller than the past couple of years.

As for the farmland market, I’ll look back on the year as one of transition. The record-setting sales and huge sale volumes of 2022 have both leveled off this year. However, the market is not weak. Several land value surveys reflect a “plateau effect” that is not all that surprising, given current conditions (e.g., higher interest rates, thinner profit margins on an average crop, uncertain geopolitical conditions, etc.). In my mind, prospective land buyers simply seem to be playing their cards a bit more conservatively than a year ago. As the sales below evidence, there’s still an appetite to be aggressive for the right piece of land —however, not every piece of land makes the cut.

O’Brien County. Located northeast of Primghar, 78 +/- acres recently sold at public auction for $16,500 per acre. The farm consisted of 70 +/- tillable acres with a CSR2 (corn suitability rating) of 95.9, and equaled $192 per CSR2 point on the tillable acres. Note: This farm also included a wind turbine for additional income.

Franklin County. Located near Chapin, 148 +/- acres recently sold at public auction for $13,300 per acre. The farm consisted of 133 +/- tillable acres with a CSR2 of 84.5, and equaled $175 per CSR2 point on the tillable acres.

Black Hawk County. Located southwest of Hudson, 90 +/- acres recently sold at public auction for $14,200 per acre. The farm consisted of 89 +/- tillable acres with a CSR2 of 88.1 and equaled $163 per CSR2 point on the tillable acres.

Greene County. Northwest of Grand Junction, 80 +/- acres recently sold at public auction for $13,000 per acre. The farm consisted of 78 +/- tillable acres with a CSR2 of 85.6, and equaled $156 per CSR2 point on the tillable acres.

Marshall County. Located east of Liscomb, 77 +/- acres recently sold at public auction for $21,300 per acre. The farm consisted of 73 +/- tillable acres with a CSR2 of 94.4, and equaled $238 CSR2 point on the tillable acres.

Clinton County. Southeast of Dewitt, 72 +/- acres recently sold for $12,691 per acre. The farm consisted of 72 +/- tillable acres with a CSR2 of 70.0, and equaled $181 per CSR2 point on the tillable acres.

Pottawattamie County. Located southeast of McClelland, 135 +/- acres recently sold at public auction for $10,600 per acre. The farm consisted of 133 +/- tillable acres with a CSR2 of 74.7 and equaled $144 per CSR2 point on the tillable acres.

Warren County. Northeast of Milo, 100 +/- acres recently sold at public auction for $13,400 per acre. The farm consisted of 91 +/- tillable acres with a CSR2 of 80.4, and equaled $183 per CSR2 point on the tillable acres.

Jefferson County. Located north of Fairfield, 100 +/- acres recently sold at public auction for $16,900 per acre. The farm consisted of 99 +/- tillable acres with a CSR2 of 80.8, and equaled $211 per CSR2 point on the tillable acres.

Hensley is president of Hertz Real Estate Services, which compiled this list but did not handle all sales. Call Hertz at 515-382-1500 or 800-593-5263, or visit hertz.ag.