Iowa Farmland Values: Crawford and Carroll County

Published on Dec 23, 2020 by Doug Bear


Continuing with the Iowa Farmland Values blog series, we will now be highlighting the average farmland characteristics and production costs in Crawford and Carroll County. If you are interested in acquiring similar information, contact your local extension office or land grant institution within your state.

1 2019 ISU Land Value Survey conducted by the Center for Agricultural and Rural Development (CARD)
2 Iowa State University Extension and Outreach File C2-10 in Ames, Iowa


Successful Sales in Crawford County:

Of the 457,200 total acres in Crawford County, the average Corn Suitability Rating 2 (CSR2) for the 439,773 acres of farmland within the county is 68.6 with an average 2019 farmland value of $7,979 per acre, which is a 2.1% increase from $7,813 since 2018. To determine the CSR2 price per point average, divide the average farmland value ($7,979) by the Crawford County CSR2 average (68.6), which equals $116.31 per CSR2 point.

The average cash rent per tillable acre across Crawford County is $252 ($219-$278). The 2015-2019 average corn and soybean yield was 217 and 62 bushels per acre, respectively. The average rent per bushel of crop yield is calculated by cash rent divided by the average crop yield expected, which is $1.16 for corn and $4.06 for soybeans. Since beginning this blog series during the middle of September 2020, commodity markets have risen an additional 10-20%, and corn and soybean futures are currently over $4.00 and $10.50 per bushel, respectively. One may still expect to spend approximately 35-45% of the per bushel revenue on cash rents.

The capitalization rate, or also commonly referred to as the cap rate, is the rate of return on a real estate property based on the income that the property is expected to generate for the landowner. The cap rate can help evaluate and compare the risk of one property or market to another, where it depends on demand, available inventory within the area, and specific type of property. The cap rate for Crawford County farmland is around 3.16% or an expected return on investment over three percent.

1 2019 ISU Land Value Survey conducted by the Center for Agricultural and Rural Development (CARD)
2 Iowa State University Extension and Outreach File C2-10 in Ames, Iowa


Successful Sales in Carroll County:

Of the 364,900 total acres in Carroll County, the average Corn Suitability Rating 2 (CSR2) for the 348,944 acres of farmland within the county is 76.5 with an average 2019 farmland value of $8,566 per acre, which is a 3.3% increase from $8,458 since 2018. To determine the CSR2 price per point average, divide the average farmland value ($8,566) by the Carroll County CSR2 average (76.5), which equals $111.97 per CSR2 point.

The average cash rent per tillable acre across Carroll County is $248 ($214-$275). The 2015-2019 average corn and soybean yield was 208 and 59 bushels per acre, respectively. The average rent per bushel of crop yield is calculated by cash rent divided by the average crop yield expected, which is $1.19 for corn and $4.20 for soybeans. Since beginning this blog series during the middle of September 2020, commodity markets have risen an additional 10-20% and corn and soybean futures are currently over $4.00 and $10.50 per bushel, respectively. One may still expect to spend approximately one-third of the per bushel revenue on cash rents.

The cap rate for Carroll County farmland is around 2.90%, or an expected return on investment just shy of three percent.

To get in contact with someone about your Crawford County or Carroll County farm in Iowa, please call Matt Adams (515.423.9235; matt@peoplescompany.com) or Doug Bear (515.745.3192; doug.bear@peoplescompany.com).

Tillable Acres Link for all the counties can be found HERE.

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