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Report: Hoosier farmland values increase, but signs point to COVID-19 slump
Farmland prices across Indiana have improved since June 2019, according to the 2020 Purdue Farmland Value and Cash Rents Survey. But, most of those gains occurred between June and December 2019 and farmland prices have declined modestly since then.
The strongest year-to-year statewide increase was poor quality land, which was up about six percent. Top quality land was up 4.5 percent and average quality land was up about 3 percent.
Todd Kuethe, Purdue associate professor and the Schrader Endowed Chair in Farmland Economics, says it’s hard to know what’s ahead for the Indiana farmland market because of deep economic uncertainty.
Cash rental rates also increased across all land quality classes in 2020. The largest increase was in low-quality land, which increased by 5.4 percent, average-quality land increased almost 5 percent, and top-quality land increased 4 percent.
The Purdue Farmland value and Cash Rent Survey is conducted each June by Purdue’s Department of Agricultural Economics.
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