A survey of real estate agents shows Iowa's farmland value increased by an average of more than 30 percent in the last year.
The Iowa Farm and Land Chapter No. 2 Realtors Land Institute says an acre of medium quality farmland had a value of $6,477. That's an increase of 34.7 percent in the 12 months that ended Sept. 1.
Realtors say reasons behind the increase include high prices for corn and soybeans, low interest rates and few alternative investments that are likely to give strong returns.
Iowa State University professor emeritus Neil Harl says he's worried that the high land prices aren't sustainable if crop prices drop from current high levels.
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