2025-08 PAER: Purdue Farmland Values and Cash Rents Survey Results

Indiana farmland prices have continued the trend of record highs in 2025, according to the latest Purdue Farmland Value and Cash Rents Survey results. The survey is conducted out of the Purdue University Department of Agricultural Economics and produced through the cooperation of numerous professionals knowledgeable about Indiana’s farmland market. These professionals provide an estimate of the market value for bare poor-, average- and top-quality farmland in December 2024, June 2025 and a forecast for December 2025.

The average price of top-quality farmland reached $14,826 per acre, a 3.0% increase from June 2024. Average- and poor-quality farmland also saw gains, with prices increasing 5.4% and 7.6% to $12,254 and $9,761 per acre, respectively.

“Farmland prices increased modestly in 2025 at the state-level and across the northern two thirds of the state,” said Todd Kuethe, the Schrader Endowed Chair in Farmland Economics at Purdue and the survey’s author. “However, farmland prices declined by varying degrees in the southern third of the state.” Both the southwest and southeast regions experienced declines between 4.6% and 11.3%, depending on quality grade.

Kuethe also noted that respondents expect a modest increase in farmland prices through the rest of 2025 for most of the state, though prices are anticipated to continue to decline in the southwest and southeast regions. Additionally, land transitioning out of agricultural production declined in value slightly by 5.3%,. Statewide cash rents saw minimal changes, with some variation across regions, reflecting broader trends in land values.

The Department of Agricultural Economics conducts the Purdue Farmland Value and Cash Rents Survey each June and it is published in the quarterly publication Purdue Agricultural Economics Report.

Indiana Farmland Values & Cash Rental Rates: 2025 Update

Purdue ag economists Todd Kuethe and Michael Langemeier discuss results from the 2025 Purdue Farmland Values and Cash Rental Rates Survey and implications for Indiana farmers and landowners on the Purdue Commercial AgCast. The survey shows Indiana land prices and cash rents continue to rise and are anticipated to continue a modest increase for the rest of 2025 for most of the state. The episodes share insights into U.S. and Indiana farmland value trends, agricultural balance sheets, debt-to-asset ratios, the impact of various economic factors on land values, future expectations for farmland values, historical trends in cash rents and how cash rents compare to share and flex lease rents, regional differences, net returns to land, and the increasing interest in flexible cash leases from both landowner and tenant perspectives. Consider subscribing!

To view the full Farmland Values & Cash Rents survey results, as well as associated articles and charts, please select from the articles listed below.