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Downstate Illinois Farmland Prices Holding Steady
A real estate broker says Illinois is a good market for farmland, as long as it's farmers selling to farmers.

Rex Schrader, who's also an auctioneer based in Indiana, handles farmland sales around the nation. He says downstate acreage that's trading solely for agricultural purposes is still strong, priced in the $6,000 to $7,000 per acre range. The figures, he says, are based on sales he's handled in Madison, Montgomery and Vermilion counties.

Schrader says in places like Will County the market has slipped for farmland that can be developed into retail shopping centers.

"Transitional land and/or land that people are speculating that over the next few years might go for development...much of that land is now selling purely for agricultural value and really doesn't have any premium to it at all."

Schrader says the price has dropped from last year's $20,000 an acre to $12,700.

The situation is the worst for land that's used for recreational purposes like hunting. Schrader says what was such a hot market just a few years ago is now going for 20 to 40 percent less.
12 13 09 by Newsroom
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