Survey: Wisconsin farmland worth 10% more than in 2020

MILWAUKEE (AP) — A survey of Midwest farm bankers found Wisconsin farmland values are up 10% from the same period in 2020.

The rise in land values is driven by strong commodity prices, and demand from non-farm buyers, according to the survey.

The Federal Reserve Bank of Chicago surveyed 151 bankers in their district, which includes Iowa and parts of Wisconsin, Illinois, Indiana and Michigan.

The bankers reported the value of good quality farmland across the region had increased by 6% from the second quarter to the third quarter of this year. Compared to the third quarter of 2020, bankers reported that land values were up 18%.

In Wisconsin, surveyed bankers reported land values were up 1% from the previous quarter and 10% from the same time last year.

David Oppedahl, senior business economist for the Federal Reserve Bank of Chicago, said the value of land started increasing last fall as the agriculture industry recovered from the initial shocks of the COVID-19 pandemic.