JACKSONVILLE, Ill. – Cash rents on farmland remained strong through the first quarter of 2026 and are anticipated to maintain strength into 2027. This is according to the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA) 2026 Illinois Land Values Report, issued in April. The 31st annual report includes statewide farmland trends, regional differences, recreational and transitional land movement and other key takeaways from over 70 industry surveys on cash rents and leasing expectations.

“As far as state averages go, Class A land was down 3 percent and the average price was $15,900 (per acre), rounding a little,” said Luke Worrell, of Worrell Land Services in Jacksonville, who is chair of ISPFMRA’s land values reports and annual conference. “Class B (farmland) was pretty much even (from the previous year) and Class C and Class D were up marginally. Recreational land was up, like 11 percent, which I think was one of the most interesting things we found.”

Though the average value for Class A farmland in Illinois has fallen by 6 percent over the past two years, according to 2024-2026 ISPFMRA data, it is still much more valuable than in the last decade. “Even if you take that 6 percent slide into account, since 2020 Class A farmland is still up 50 percent,” Worrell said. “I think people – myself included – expected a little steeper decline, but that’s where we’re at right now.”

West central Illinois Region 7 saw a steeper decrease and more volatility than other areas of the state. While some acreage is still fetching $19,000 to $20,000 per acre in 2026, sales have been erratic, according to Worrell. “We’ve seen some 10 percent, 12 percent decreases,” he said.

According to an analysis of the report by the University of Illinois farmdocDAILY team, results from the ISPFMRA survey indicate a stable farmland leasing environment in Illinois. “While landlord net returns under cash rent agreements experienced slight compression from 2024 to 2025, reported 2026 cash rents remained resilient with marginal increases observed on highly productive land,” according to the summary by Tsay, J. and G. Schnitkey. “2026 Illinois Farmland Price Expectations: Navigating a Stable Yet Softening Market.”

Another article from the University of Illinois farmdoc team notes that farmland turnover in Illinois remained structurally low throughout the period of 2003-2025, averaging 1.77 percent of total farmland from 2003–2011 and 1.45 percent from 2012–2025 (the latter may rise slightly upon final reporting).

“Turnover exceeded 2.0 percent only in 2003 and 2004, coinciding with strong price appreciation. Turnover (was) again more than 2 percent in 2021, following a period of improved crop margins, historically low borrowing costs and pandemic-era government support. These factors strengthened farm balance sheets and provided the robust liquidity needed for acquisitions,” stated Juo-Han Tsay and Bruce Sherrick, Department of Agricultural and Consumer Economics, University of Illinois, the authors of the April 22 farmdocDAILY article “Illinois Farmland Turnover Rates: 2003–2025.”

A glimpse at a county map reveals substantial geographic diversity in farmland turnover, the authors continued: “Urban fringe counties near Chicago show minimal agricultural turnover due to limited farmland and continuous development pressure; agricultural sales here are a tiny fraction of land market activity. In contrast, northern and central Illinois exhibit higher turnover, particularly west of the Illinois River and northeast of St. Louis.”

“Even through multiple economic cycles including commodity expansions, margin compression, financial market stress, and the recent inflation surge, the volume of land changing hands fluctuated within a narrow range relative to total supply,” the authors noted. “However, due to the thin market, small percentage shifts still represent large variations in annual parcel sales. Given the large total value of the asset class, a relatively small turnover rate remains sufficient for accurate pricing with respect to market fundamentals, and thus should not be viewed as either a problem or a source of non-market distortions.”