Land Watch Illinois (2024)

FAQs

How much does 1 acre of land cost in Illinois? ›

How expensive is land in Illinois? It all depends on the location and type of property you're looking to buy. For example, if you want to buy a farm in Illinois, you should budget about $8,900 per acre.

According to the Congressional Research Service, Illinois spans 35.8 million acres.

Illinois farmland covers 27 million acres -- about 75 percent of the state's total land area.

Tracking Average Per-Acre Land Values Around Illinois

Recent January 2024 data aggregated statewide reveals a benchmark median sales price of approximately $7,900 per acre of vacant rural land changing hands over the past year in Illinois.

The cheapest land in the United States is located in New Mexico, Arizona, Michigan, Colorado, and Texas. However, it's important to note that the price per acre of a piece of property is dependent on several factors, including location and the type of land.

Farmer Returns

These returns are for a typical 50% corn and 50% soybean rotation in central Illinois. In 2023, farmer returns are projected at $25 per acre, well below levels for 2020 to 2022, when farmer returns averaged $232 per acre.

The Church of Jesus Christ of Latter-day Saints. The Church of Jesus Christ of Latter-day Saints, widely known as the Mormon church, retains its top position as the largest absentee farmland owner in Illinois, with nearly 54,000 acres — almost 30% more than the next highest organization.

Alaska is the largest state in the United States in terms of land area and the least densely populated. Alaska boasts a vast expanse of untouched and unaltered natural beauty.

Illinois is the #1 soybean producing state in the country. 15% of all U.S. soybeans are produced in Illinois. Illinois is the #2 corn producing state in the country. 13% of our country's supply of corn is grown on Illinois farms.

There are several potential benefits that make Illinois land attractive to investors: Appreciation - As noted above, real estate values have consistently risen over the long term in Illinois, outpacing national averages in many markets. Owners can build equity as their land increases in value over time.

Why is Illinois soil so fertile? ›

It deposited sand, gravel, dirt, and some rocks from farther north when it melted. Dust and sand also blew onto land surrounding the edges of the glaciers. All these deposits make up the fertile soil of the central area.

The downward trend continues

93 of Illinois' 102 counties shrank over the three-year period of 2020-2023, losing over 256,000 people. Just 9 counties grew with a collective population increase of just 15,600. The state's biggest loser remains Cook County with nearly 177,000 people lost since 2020.

The current average per acre price for land in Illinois according to these December sales is $13,349/acre. The highest selling farm in Illinois in the month of December 2023 sold on December 8th in Champaign County for $3,314,580 or $14,226 per acre for 233 acres, with a PI of 143.1.

The National Agricultural Statistics Service (NASS) reported the average cash rent for Illinois in 2023 at $259 per acre, up by $16 per acre from the 2022 level of $243 per acre (see Figure 1).

The current average per acre price for land in Illinois according to these January sales is $12,097/acre. The highest selling farm in Illinois in the month of Januray 2024 sold on January 30th in Champaign County for $2,775,986 or $17,040 per acre for 162.9 acres, with a PI of 139.6.

On average, in the United States, the cost of one acre of land is around $16,000. You can buy an acre for under $1,000 in some places, but some commercial lots and farmland can exceed $100,000 per acre. Land values are determined by factors such as access to utilities, infrastructure, and zoning regulations.

The combined market value of recreational land and property for sale in Illinois is $198 million, with the average price of recreational land and property for sale in being $558,700. Discovery more Illinois farmland and land for sale near you on Land and Farm.

Illinois Hunting Land Information

With an average price of $578,053, the total value of almost 100,000 acres of hunting land recently listed for sale in Illinois is $157 million. Illinois is characterized by a diverse landscape that includes rolling hills, vast prairies, and fertile farmland.