Area farmland values declined in 2024. In an 11-county region that includes Mercer County, 2024 closed sales averaged between $13,500 and $15,500 per acre for excellent productivity land, which represents a five to ten percent decline from 2023.
Good productivity land ranged from $10,500 to $13,500 per acre, which is down zero to five percent from 2023. The data is from the Illinois Society of Farm Managers and Rural Appraisers. Luke Worrell is chair of the society’s annual Land Values and Lease Trends survey. He broke down the statewide numbers on RFD Radio.
Cash rents in the Mercer County region were also down zero to five percent in 2024, ranging from $350 to $425 per acre for excellent productivity ground and $300 to $400 for good productivity land.