Land Watch Illinois (2024)

FAQs

How much does 1 acre of land cost in Illinois? ›

Typical per acre pricing range: $7,500 - $12,000

Quality tillable soil composition and irrigation potential helps boost farmland value in counties like Hanco*ck, Henry and Bureau compared to inconsistent crop yields and relatively remote Sangamon/Menard tracts warranting slight valuation dips by comparison.

Land in Illinois can be a solid investment opportunity. The state has a stable real estate market, and land values have steadily increased over the past decade. Both residential and commercial land hold their value well. With proper due diligence, buying land in Illinois can lead to good returns.

Recent Land And Farm data includes approximately 100,000 acres of recreational land and property for sale in Illinois, which was valued at a combined $189 million. The average price of recreational land and property for sale in Illinois is $597,503.

Illinois recognizes four basic types of ownership: sole ownership, tenancy by the entirety, joint tenants, and tenants in common. In this type of ownership, one individual or entity owns the property completely with no other tenants.

The cheapest land in the United States is located in New Mexico, Arizona, Michigan, Colorado, and Texas. However, it's important to note that the price per acre of a piece of property is dependent on several factors, including location and the type of land.

The current average per acre price for land in Illinois according to these January sales is $12,097/acre. The highest selling farm in Illinois in the month of Januray 2024 sold on January 30th in Champaign County for $2,775,986 or $17,040 per acre for 162.9 acres, with a PI of 139.6.

In Illinois, Chinese investors own only about one square mile of land, while Portuguese, Italian, and Canadian interests hold over 760 square miles combined. Foreign investors own, or partly own, about a third of the land in central Illinois' McLean County.

The main difference between buying land vs. home ultimately comes down to your purpose of investment. Going ahead and buying a house rather than a plot of land may save you both time and money. However, if you intend to construct a home and lease it out, a land can be a better option.

The National Agricultural Statistics Service (NASS) reported the average cash rent for Illinois in 2023 at $259 per acre, up by $16 per acre from the 2022 level of $243 per acre (see Figure 1).

How much recreational can you buy in Illinois per day? ›

Illinois ranks 46th in the nation for publicly-owned land with more than 97% of land in private ownership.

To qualify for the Illinois homestead exemption, you must live in the state for at least 730 days. If you have not lived in the state for at least this long, you will be required to use the exemptions from the state where you previously lived.

The current average per acre price for land in Illinois according to these December sales is $13,349/acre. The highest selling farm in Illinois in the month of December 2023 sold on December 8th in Champaign County for $3,314,580 or $14,226 per acre for 233 acres, with a PI of 143.1.

Resident landowners or tenants (including those leasing land) of land of 39.5 acres or more can apply for free firearm or archery deer permits. Permits are a combination of one either-sex permit and one antlerless permit.

Between 2022 and 2023, inflation-adjusted U.S. average cropland values rose by 4.6 percent to $5,460 per acre compared to 1.2 percent per year over the previous five years (2017 to 2022), while average pastureland values rose by 3.2 percent to $1,760 per acre compared to 1.0 percent per year over the previous five ...

Illinois includes nearly 100,000 acres of hunting land for sale based on recent Land And Farm data. The combined market value of hunting land for sale in Illinois is $152 million, with the average price of hunting land for sale in being $590,321.

According to the report, last year buyers paid an average of $16,779 per acre for excellent land, up 5.5% from 2022. Good quality land averaged $12,911 (up 7%) followed by $9,198 for average land (up 13%), $7,000 for fair (up 14%) and $5,250 for recreational (up 7%).

The federal government owns 1.14 percent of Illinois's total land, 406,734 acres out of 35,795,200 total acres.