Each winter, a number of farmland value surveys and market reports are released across the Midwest and Canadian Prairies. While they come from different organizations and regions, taken together, they provide a clear snapshot of where farmland values stand today.
From Illinois north through the Dakotas and into Saskatchewan, Canada, the data suggests farmland values remain historically strong, even though the pace of the market has settled compared with the post-2020 surge.
These reports are largely produced by professional appraisal organizations, universities, Extension services and agricultural lenders. They are grounded in actual market activity and the firsthand experience of people who work in land markets every day.
What’s in the research?
In North Dakota, the annual land value survey published by the North Dakota chapter of the American Society of Farm Managers and Rural Appraisers provides a useful reference point.
The N.D. ASFMRA is made up of accredited rural appraisers, farm managers, agricultural lenders and land professionals. Its statewide land value index is designed to reflect broad market conditions rather than isolated hot spots.
In 2025, that statewide index showed a modest year-over-year 2% decline, pointing to a market that has moved into a steadier phase after several years of rapid appreciation.
That same pattern is showing up across much of the central grain belt. Iowa State University’s 2025 land value survey reported farmland values that were essentially flat to slightly higher statewide. Commentary and survey data from South Dakota State University highlight continued demand with noticeable differences between regions and land types.
University of Minnesota Extension resources and USDA land value data reflect similar conditions, with values holding near recent highs while buyers apply more discipline than they did a few years ago.
Actual auction results out of Iowa support this broader theme as well. Jim Rothermich of Iowa Appraisal, known as “the Land Talker,” said an analysis of weighted average 2025 Iowa land auction results for larger, highly tillable tracts showed values finishing the year modestly higher than where they began.
Per-Corn Suitability Rating index pricing increased by about 3.6% over the course of the year, with much of the pricing strength occurring in the final four months of 2025. The data reinforces that buyers remain active and willing to compete for quality land, even within a more disciplined market environment.
North of the U.S. border, farmland values in Saskatchewan tell a similar story. Farm Credit Canada reported that cultivated farmland values increased by about 6% in the first half of 2025, with Saskatchewan matching the national average.
Buyer becoming selective
Later in the year, our auctions reflected what we had observed in the U.S.: Results remained steady or declined slightly. While the rate of growth has moderated, compared with earlier years, demand remains supported by limited land availability and long-term confidence in farmland as an asset.
The consistency of these findings matters. Whether the data comes from Illinois, Iowa, Minnesota, the Dakotas or Saskatchewan, the message is broadly the same. Farmland values are no longer accelerating at the pace seen in the early 2020s, but they have not reversed a ton either. Instead, markets have shifted back toward balance.
In practical terms, this means buyers are still present, but they are more selective. Land quality, location, access, field layout and long-term productivity are receiving more attention. Financing costs and operating margins are part of the conversation again, which naturally brings a more thoughtful approach to bidding and pricing.
This type of environment tends to separate markets by quality rather than move everything together. Well-located, productive tracts continue to draw strong interest. Properties with more variability still sell, often successfully, when expectations align with current conditions and the marketing approach fits the property. The market is functioning, but it is no longer forgiving across the board.
From a longer-term perspective, this is typical behavior for farmland markets. Periods of sharp appreciation are often followed by longer stretches of consolidation, where values work sideways and price discovery happens one tract at a time. Even with recent moderation, farmland values across much of the Midwest and Canadian Prairies remain well above levels seen just five or six years ago.
For landowners, the message is one of clarity. Demand is still there, and good land continues to command strong prices. For buyers, the current environment rewards careful analysis and disciplined decision-making. And for anyone watching from the sidelines, the data suggests a market that is stable, grounded and behaving much more like a traditional land market again.
From Illinois to Saskatchewan, Canada, that kind of balance may not make headlines, but it is often exactly what long-term farmland markets need.