EPISODE · Apr 18, 2025 · 32 MIN
Illinois Farmland Values Fall in 2024, Especially in 4th Quarter: Luke Worrell
from Where Landowners Get Their News · host American Farmland Owner with Dave Price
Illinois farmland values began to decline in late 2024, with the most significant drop hitting in the first quarter of 2025. According to Luke Worrell, Co-Owner and Managing Broker at Worrell Land Services, this downturn isn't a sign of a crash but rather a necessary correction following the dramatic surge in land prices during 2022 and 2023. Worrell, who also chairs the Illinois Farmland Values and Lease Trends Committee, draws parallels to the early 2010s, when farmland values followed a similar boom-and-pullback pattern. While values are down 10–15% from their peak, Worrell believes the market is transitioning into a “new norm”—one grounded in sustainability rather than speculation.
What this episode covers
Illinois farmland values began to decline in late 2024, with the most significant drop hitting in the first quarter of 2025. According to Luke Worrell, Co-Owner and Managing Broker at Worrell Land Services, this downturn isn't a sign of a crash but rather a necessary correction following the dramatic surge in land prices during 2022 and 2023. Worrell, who also chairs the Illinois Farmland Values and Lease Trends Committee, draws parallels to the early 2010s, when farmland values followed a similar boom-and-pullback pattern. While values are down 10–15% from their peak, Worrell believes the market is transitioning into a “new norm”—one grounded in sustainability rather than speculation.
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Illinois Farmland Values Fall in 2024, Especially in 4th Quarter: Luke Worrell
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