The Purdue Farmland Value Survey suggests Indiana farmland prices grew at a record pace between June of last year and June of this year, exceeding previous highs set in 2021.

Statewide, top-quality farmland averaged more than $12,800 per acre, up nearly 31%. The average per acre price of average-quality farmland increased by 30%. Poor quality farmland prices exhibited the largest increase of 34%.

Analysts at Purdue say multiple factors are influencing the increase, including positive net-farm incomes, strong commodity prices, inflation, and high farmer liquidity.