It’s 0.8%. This was the finding of the late March report from the Iowa Chapter of the Realtors Land Institute. What does that 0.8% represent, you ask? That was the percent change in Iowa tillable cropland values over the past six months (e.g., September 2022 to March 2023), according to the statewide survey of farmland professionals. Another report that was released in February from the Chicago Federal Reserve Bank actually showed Iowa farmland values to be marginally weaker to close 2022 (e.g., -2% from Oct. 1 to Jan. 1). What has become clearer to me after reviewing these surveys is that two consecutive years of high-flying land value appreciation have now flattened.

I’ve suggested in this column since the beginning of 2023 that the Iowa farmland market seemed to be trading sideways, and the survey data is now reflecting that anecdotal instinct. Let me offer this important reminder — a flat market does not mean the market is weak; it simply means we’ve plateaued, and we’re not setting new highs. As we roll through planting season and into summer, market participants will again begin to make production judgments that will provide new direction to both the commodity and land markets. I suspect that the growing season will provide its typical roller coaster of events that will keep all of us on the edge of our seats.

Pocahontas County: About 74 acres northwest of Manson recently sold at public auction for $15,600 per acre. The farm consisted of about 74 tillable acres with a CSR2 (corn suitability rating) of 86.1, and equaled $181 per CSR2 point on the tillable acres. Note: This farm included a wind turbine that paid $7,680 in annual income with a 2.5% annual escalator.

Hancock County: About 153 acres located near Klemme recently sold at public auction for $14,200 per acre. The farm consisted of about 149 tillable acres with a CSR2 of 70.0, and equaled $208 per CSR2 point on the tillable acres.

Clayton County: About 100 acres west of Garnavillo recently sold at public auction for $15,000 per acre. The farm consisted of about 97 tillable acres with a CSR2 of 62.2, and equaled $249 per CSR2 point on the tillable acres.

Crawford County: About 52 acres west of Dow City recently sold at public auction for $9,000 per acre. The farm consisted of about 45 tillable acres with a CSR2 of 57.6, and equaled $181 per CSR2 point on the tillable acres.

Marshall County: About 163 acres northeast of Zearing recently sold at public auction for $14,800 per acre. The farm consisted of about 160 tillable acres with a CSR2 of 82.8, and equaled $182 per CSR2 point on the tillable acres.

Linn County: About 75 acres east of Fairfax recently sold for $9,900 per acre. The farm consisted of about 68 tillable acres with a CSR2 of 79.9, and equaled $136 per CSR2 point on the tillable acres.

Cass County: About 47 acres south of Atlantic recently sold at public auction for $10,400 per acre. The farm consisted of about 39 tillable acres with a CSR2 of 69.7, and equaled $180 per CSR2 point on the tillable acres.

Madison County: About 98 acres southeast of Winterset recently sold at public auction for $13,900 per acre. The farm consisted of about 98 tillable acres with a CSR2 of 81.2, and equaled $171 per CSR2 point on the tillable acres.

Des Moines County: About 49 acres east of Mediapolis recently sold at public auction for $13,600 per acre. The farm consisted of about 41 tillable acres with a CSR2 of 80.8, and equaled $20 per CSR2 point on the tillable acres.

Hensley is president of Hertz Real Estate Services, based in Nevada, Iowa, which compiled this list, but not all sales were handled by Hertz. Call Hertz at 515-382-1500 or 800-593-5263, or visit hertz.ag.