(RI photo)

A survey of real estate agents finds the price of tillable Iowa farmland is increasing significantly.

The Iowa chapter of the Realtors Land Institute releases survey data in March and September. The latest report shows Iowa farmland values have jumped nearly 19% since the spring. Compared to a year ago, the average price for Iowa farmland is up 26.6%.

The Realtors Land Institute cites high commodity prices, a good harvest, and favorable interest rates as factors driving up farmland prices. The group reports farmers are the primary buyers, but investors are “very competitive” at public auctions of farmland.

Farmland prices are rising throughout the corn belt. According to the Chicago Federal Reserve, the dollar value of “good” Iowa farmland rose 18% between July of this year and last July.