Farmland across Illinois, Minnesota and Wisconsin held its value through the first half of 2026 even as the number of actual land sales fell sharply, according to a new report from Compeer Financial, a member-owned agricultural lending cooperative and the third-largest institution in the Farm Credit System. The report, "Farmland Value Trends: Illinois, Minnesota and Wisconsin," found that annual land transactions across the three states dropped from roughly 2,800 a year between 2021 and 2024 to about 1,680 in the most recent measured period — a decline of about 40% — even as per-acre values leveled off rather than fell. (Source: Compeer Financial report, as reported by the Quincy Herald-Whig, published July 18, 2026.)
Farmland Sales Volume: 2021–2024 Average vs. Most Recent Period
| State/Region | Avg. Annual Transactions (2021–2024) | Recent Period Transactions | % Change | Notable Development |
|---|---|---|---|---|
| IL, MN & WI (combined) | ~2,800/year | ~1,680 | ~-40% | Values "leveled off" but stayed resilient per Compeer appraiser |
| Illinois | Included in above (state-level breakout not published) | — | Values stable despite lower farm incomes | Fewer transactions to observe than prior heavy-activity periods |
| Minnesota | Included in above | — | Stable, similar to Illinois | Regional comparison cited in same report |
| Wisconsin | Included in above | — | Year-over-year increase | Driven in part by strong demand from dairy operations |
Compeer's report published combined three-state transaction totals; state-by-state transaction counts were not broken out publicly as of this writing.
A Quieter Market, Not a Weaker One
Compeer's report frames 2026 as a leveling-off year rather than a downturn. Limited supply of parcels coming to market, long-term confidence in farmland as a hard asset, and steady interest from both operating farmers and outside investors have combined to keep per-acre values resilient across Illinois, Minnesota and Wisconsin — even as the number of parcels actually changing hands has fallen well below the pace set from 2021 through 2024.
In practical terms, that means the price a Midwest landowner might expect on any given parcel is roughly where it was, but there are fewer comparable recent sales to anchor that expectation to. For sellers, that creates a market where pricing signals are thinner than they were during the 2021–2024 boom.
Why the Sales Slowdown Matters
Deanne Phelps, a certified appraiser at Compeer Financial in Illinois, said in a statement:
"Sales volume has moderated, which means there are fewer transactions to observe compared to periods of heavier activity. Because of that, shifts in buyer sentiment, commodity prices, interest rates and broader ag market conditions may become more apparent in future sales activity."
Phelps also cautioned against broad generalizations. Parcel value, she noted, depends on soil productivity, drainage, field configuration, location and buyer demand — and, in her framing, "high-quality land continues to attract buyer interest" even in a thinner market.
The National Backdrop
The Midwest picture sits inside a broadly stable national one. USDA's most recent Land Values Summary, published in 2025, pegged U.S. farm real estate at an average of $4,350/acre (up 4.3% from 2024), cropland at $5,830/acre (up 4.7%), and pasture at $1,920/acre (up 4.9%). USDA's next full report is expected in August 2026.
USDA's 2026 full-year figures were not yet published as of this writing; the $4,350/acre figure is the most recent confirmed 2025 average.
A Tale of Three States
Within the three-state footprint, the Compeer data tells three slightly different stories:
- Illinois: Values have held steady despite lower farm incomes — a sign buyers are treating the land itself as the durable asset rather than pricing off any single crop year.
- Minnesota: Similar stability to Illinois, with per-acre values leveling rather than pulling back.
- Wisconsin: Bucked the regional trend with a year-over-year increase, tied in part to sustained demand from dairy operations for land to expand into.
For landowners in each state, see PlaceAcre's Illinois hub for what a cash offer on a specific parcel looks like: Sell land fast in Illinois →
What Fewer Sales Signals for Landowners Elsewhere
PlaceAcre's read — editorial, not from the Compeer report:
A slower-transaction, stable-price environment nationally often translates into longer marketing timelines for traditional FSBO and MLS listings. When comparable sales are thinner, buyers underwrite more conservatively and lenders take longer to sign off. That's where a direct cash buyer can compress the timeline for a seller who values speed and certainty — without necessarily pressuring the seller down on price. It's not the right answer for every landowner, but it's a real alternative in a market with fewer active bidders.
What Happens Next
Fall and year-end land auctions are the benchmark Compeer itself flagged for whether 2026's price resilience holds up even as sales volume stays thin. Landowners weighing a sale in a lower-transaction-volume market may want to consider the tradeoff between waiting for a traditional buyer and taking a faster, certain cash offer.
Thinking About Selling? Skip the Slow Market
A cash offer in 24 hours, with no fees and no waiting on a buyer's financing. One option to compare alongside an auction, a listing agent, or holding through the next cycle.