The value of good quality farmland across Indiana climbed 29% higher in Oct. 2022 compared to Oct. 2021 according to the Seventh Federal Reserve District in Chicago.
Indiana’s farmland values also climbed by 8% in the three-month period between July 1 and Oct 1, 2022.
Across the Chicago Federal Reserve’s Midwest region – which includes most of Indiana, as well as Illinois, Iowa, Michigan and Wisconsin – farmland values were 20% higher in Oct. 2022 compared to Oct. 2021, and 4% higher between July 1 and Oct 1, 2022.
The Chicago Federal Reserve says 160 bankers across the region participated in the survey.
While just over two-thirds of those surveyed anticipated the district’s farmland values to be stable during the fourth quarter of 2022, 25% believe district farmland values to go up again in the final quarter of this year, and 7% say land values will go down.
Bottom: October 1, 2021 to October 1, 2022.
Illustration courtesy of the Seventh Federal Reserve District in Chicago.
