The Iowa farmland market continues to produce steady, and arguably impressive, sale results. Few 2023 sales have set new records. However, the market has been resilient in the face of higher interest rates and lower grain prices.

Strong profits from the past three years have seemingly offset near-term headwinds, and less overall land has come to the market in 2023, thereby helping to support prices. As harvest begins and yield totals emerge, the market will again make judgment as to how aggressive or passive prospective buyers will be when making purchase decisions.

I believe that a lower input cost structure for 2024 (e.g., anhydrous, dry fertilizer, etc.), compared to the 2023 crop, should help support profit margins for next year’s crop — even with comparably lower grain prices. Auction bidders at several late-summer sales, as noted below, seem to be thinking the same.

Dickinson County. Located north of Terril, ±151 acres recently sold at public auction for $16,800 per acre. The farm consisted of ±140 tillable acres with a CSR2 (corn suitability rating) of 88.3, and equaled $205 per CSR2 point on the tillable acres.

Mitchell County. Located near Otranto, ±153 acres recently sold at public auction for $13,800 per acre. The farm consisted of ±149 tillable acres with a CSR2 of 84.3, and equaled $168 per CSR2 point on the tillable acres.

Howard County. Located east of Riceville, ±79 acres recently sold at public auction for $13,775 per acre. The farm consisted of ±77 tillable acres with a CSR2 of 86.0, and equaled $164 per CSR2 point on the tillable acres.

Greene County. Located north of Jefferson, ±78 acres recently sold at public auction for $12,100 per acre. The farm consisted of ±76 tillable acres with a CSR2 of 69.3, and equaled $179 per CSR2 point on the tillable acres.

Marshall County. Located northeast of Albion, ±137 acres recently sold at public auction for $13,300 per acre. The farm consisted of ±129 tillable acres with a CSR2 of 88.5, and equaled $160 per CSR2 point on the tillable acres.

Johnson County. Located northeast of Lone Tree, ±78 acres recently sold for $14,200 per acre. The farm consisted of ±75 tillable acres with a CSR2 of 88.1, and equaled $168 per CSR2 point on the tillable acres.

Montgomery County. Located northeast of Stanton, ±118 acres recently sold at public auction for $5,500 per acre. The farm consisted of ±76 cropland acres and ±30 acres of Conservation Reserve Program land, with a combined CSR2 of 58.5, and equaled $105 per CSR2 point on the tillable acres (cropland and CRP combined).  Note: The balance of the farm was in waterways and terraces.

Union County. Located west of Arispe, ±156 acres recently sold for $10,004 per acre. The farm consisted of ±145 tillable acres with a CSR2 of 73.5, and equaled $146 per CSR2 point on the tillable acres. 

Louisa County. Located northeast of Winfield, ±81 acres recently sold at public auction for $16,950 per acre. The farm consisted of ±80 tillable acres with a CSR2 of 91, and equaled $189 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.