Indiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rent Survey.
The average price of top-quality farmland reached $14,392 per acre, a 4.8 percent increase from June 2023. Average and poor-quality farmland also saw gains, with prices increasing 3.7 percent and 4.4 percent to $11,630 and $9,071 per acre, respectively.
The survey noted that respondents expect to see a modest decline in farmland prices throughout the rest of 2024, though prices are expected to hold above those from June of 2023.
Additionally, land transitioning out of agricultural production surged in value by 21.6 percent, driven by large-scale development projects.
The rest of the country saw varied price changes. In the Southwest region land prices saw exceptionally high appreciation rates for top and average quality land, while the Southeast saw the most pronounced declines on all quality grades. The Central region continues to hold the highest values for average and poor-quality land.
All this comes as a number of forces put downward pressure on farmland, including high interest rates and low crop prices.
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