Reviewing Farmland Sales Activity

As farmland values soared, so did the number of sale transactions. In 2021, 2.2% of Illinois farmland was sold. Before 2021, annual sales activity across Illinois was 1.5% (2018) and 1.6% (2019). It's noteworthy that valuations soared despite the increased share of farms sold. More recently, activity has again decreased, reaching 1.6% in 2023.

At the county level, however, farmland sales have varied greatly. Between 2018 and 2023, a handful of counties reported more than 15% of the county's farmland sold. The regions with the most sales were in Illinois' South, West, and Northeast regions. There were also counties with very few sales; some had less than 7.5% of the county's acreage sold over the six years. 

Finally, between 2021 and 2023, debt was reported on 42% to 53% of sale transactions at the time of purchase. This measure varied over time (declining between 2021 and 2023) and how the share was measured (share of transaction versus acreage).

Wrapping it up

In addition to the broad market conditions and summaries, it's important to recognize that conditions vary across local regions. For example, some Illinois counties had twice as much farmland selling than others. These differences greatly affect the need for lending and the number of opportunities a farmer gets in their career to buy land.