Farmland Prices Not Flinching

Farmland prices in most areas of Illinois aren’t suffering the same fate as the housing market and the weakening economy. Industry experts believe that slumps in other parts of the economy might be feeding the land market, as buyers continue to pay top dollar for farmland in an effort to capture value and return on investments, USAgNet reports.

Farmland values last year increased by 20%, according to Farmers National Co. Home sales in Illinois during the same time declined by a reported 31%. Farmland in Macon and Effingham counties, that four years ago may have been worth $2,500 to $3,500 per acre, recently cashed in an average of $7,300 and $7,500 per acre.