IL Land Values Down

In 2009 statistical records reflect fewer land sales than in past years across the U.S. The Illinois Land Sales Bulletin, a publication that tracks rural land sales in approximately 90 Illinois counties, recently reported that second quarter sales volume in 2009 was the lowest in 10 years.

This report analyzed both the number of sales per county, as well as the number of acres sold per county during the period, with the same result: Less land has sold in 2009. This also happened in the mid-‘80s the publication reported, but at that time, there were no buyers to be found. The difference is today there are many investors and farmers looking to add to their holdings, they might just be holding on to their money, for now at least.

The natural follow-up question is, why have sales slowed? Many of the recent closed transactions were a result of estates being settled, or trusts expiring. These types of “purpose” sales occur on a regular basis. It’s the “elective” sales that have slowed, according to the article.