BLOOMINGTON, Ill. — Two years after peak highs, the average sales price of top Illinois farmland saw slight year-over-year declines.

An in-depth look at Prairie State farmland sales in 2025, trends, and expectations was featured in the Illinois Society of Professional Farm Managers and Rural Appraisers’ annual land values report.

The average sales prices paid for excellent quality farmland in 2025 declined 3.27% to $15,846 per acre and saw a 3.18% decline in the median price paid to $15,984 per acre.

The statewide average price paid for good quality increased 0.07% to $12,502, and the median was 0.66% higher to $12,498 per acre.

Average quality land statewide was down 0.60% to $9,933, while the median average dropped 4.01% to $9,436 per acre.

The average sale price for farmland in the fair category increased 2.39% from 2024 to $8,338, while the median average was down 4.57% to $7,512.

Excellent quality farmland averages over 220 bushels of corn per acre in a normal year with a soil productivity index of 133 or higher. Good quality farmland averages 200 to 220 bushels per acre, with a PI of 117 to 132.

Average quality farmland averages 180 to 200 bushels per acre with a PI of 100 to 116 and no irrigation. Fair quality farmland averages below 180 bushels per acre and has a PI under 100.

“In talking with colleagues, I think a lot of people probably assumed maybe that decline would be a little bit more. I was one of those, and I think sometimes if you get to some of those regions that saw $18,000, $19,000, $20,000-plus per acre, you are probably seeing a bigger decline than 3%. But as far as a state average goes, there was a 3.27% decline,” said Luke Worrell, of Worrell Land Services in Jacksonville in west-central Illinois.

Trend Similarities

Worrell, general chairman of ISPFMRA’s 31st annual farmland values survey, noted the trend similarities in the market over the last two years.

“When we were here two years ago, I think we expected these numbers to come down sharper,” Worrell said. “Even after a couple years of slight decreases in excellent land, we’re still up 50% from where we were in 2020,” from $10,870 in 2020 to $15,846 in 2025 statewide average sale price.

“We’re kind of looking like we were in 2013-2015 where we saw a steep rise and then we had a decline, and then just kind of hung out for a few years. Time will tell if that’s indeed what we end up doing,” he said.

The statewide average sale price for excellent land was $12,538 per acre in 2013 and dropped to $11,653 in 2015, followed by a flattening out in the $10,000s the next five years before jumping to $13,734 in 2021.

“There was a lot of activity in Illinois agricultural in 2025. Largely reported was a continued movement in a downward direction from the euphoric highs and crazy markets of 2021-2023,” Worrell said.

“Volatility in our grain and land markets is something for which we have all grown accustomed. We should continue to expect it. There is no shortage of ‘news’ that impacts us here in Illinois agriculture. It isn’t simply weather as it might have once been. Markets shift on a dime these days for the Illinois farmer.

“Swings can be triggered by anything from a tweet to tariffs, Brazil to China, and on and on. These topics have continued to move our markets here in the early part of 2026. While the data in the report highlights 2025, we are largely experiencing the same dynamics at time of publication.”

Other Highlights

Respondents to the survey conducted by the ISPFMRA were also asked about their expectations going forward.

Here are the highlights:

• 61% expect farmland prices to decline in 2026. In total, 50% of the respondents expect farmland prices to decline up to 5%, while 11% expect prices to decline between 5% and 10%. Of the remaining respondents, 25% expect farmland prices to remain the same, while 14% expect an increase.

• 81% expect the agricultural economy to contract modestly. That percentage is lower than in 2025, when 93% expected the agricultural economy to contract.

• 60% of the survey respondents expect interest rates to decrease in 2026. Declining interest rates would be expected to positively impact farmland prices.

• 72% expect corn prices to be between $4 and $4.50 per bushel, while 19% expect prices paid to be under $4 and only 4% expect it to be over $5.

• 69% of respondents expect costs to increase in 2026. Most respondents expected costs to remain the same when asked in the 2025 survey.

• Survey respondents estimated that 62% of land purchases required some form of debt financing. Of those financing with debt, the amount of debt financing averaged 54% of the purchase price.

• Farmers accounted for 58% of the buyers, with 56% being local farmers and 2% being relocating farmers. Individual investors who would not farm the land were the next largest group, accounting for 34% of the buyers. Local investors accounted for 16% of the buyers, and non-local investors accounted for 12%. Institutions accounted for 8% of all buyers.