According to the Iowa State University Land Survey, the nominal value of an acre of farmland is again higher this year than at any point since Iowa State University began surveying values in 1941. The 2022 Iowa State Land Value Survey shows the average value of an acre of farmland jumped 17%, or $1,660, to $11,411 per acre. When adjusting for inflation, the 2022 average value surpasses the previous inflation-adjusted record value set in 2013 for the first time. While inflation was a major factor that drove the increase last year, it did not play as much of a factor as commodity prices, limited land supply, and low-interest rates through the summer of 2022 did this year.