DES MOINES, Iowa — A new survey shows that farmland values in Iowa have dropped nearly 9 percent over the past year.

The survey, released on Wednesday from the Iowa chapter of Realtors Land Institute, says farmland values have dropped about 25 percent from a 2013 peak.

The state’s average farmland value through September was $6,486 an acre, The Des Moines Register ( ) reports. The average value in September 2013 was $8,750 an acre.

The survey says all nine crop reporting districts showed year-over-year declines ranging from 6.7 percent in northeast Iowa to 11.7 percent in southwest Iowa. According to the report, the only gains seen were in non-tilled timber.

Land values are expected to continue to fall due to declining corn and soybean prices.

“Land values will continue to decline until they’re supported by the income generated from the property,” said Kyle Hansen, a real estate broker with Hertz Real Estate Services.

According to the U.S. Department of Agriculture, national farm income is expected to be 42 percent lower than its peak in 2013.

Hertz is a farm management company based in Nevada, Iowa. Hansen compiled the survey, which is based on sales and assessments from about 150 real estate brokers, bankers, appraisers and other farm professionals.

Information from: The Des Moines Register,

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