Land Watch Illinois (2024)

FAQs

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

How expensive is land in Illinois? It all depends on the location and type of property you're looking to buy. For example, if you want to buy a farm in Illinois, you should budget about $8,900 per acre.

There are several potential benefits that make Illinois land attractive to investors: Appreciation - As noted above, real estate values have consistently risen over the long term in Illinois, outpacing national averages in many markets. Owners can build equity as their land increases in value over time.

Recent listings in Illinois of recreational land and property for sale totaled approximately 100,000 acres acres of recreational land and property and a combined market value of $196 million. The average price of recreational land and property for sale in Illinois was $566,722.

Illinois has many categories of land ownership, and each may have advantages or disadvantages depending on your situation. The most common types of real estate ownership are 1) Individually, 2) Tenants in Common, 3) Joint Tenants, 4) Tenants by the Entirety, and 5) in a Trust.

Average Price of Farmland in Illinois

The current average per acre price for land in Illinois according to these February sales is $10,576 /acre. The highest selling farm in Illinois in the month of February 2024 sold on February 8th in Lee County for $2,575,450 or $9,500 per acre for 271.1 acres, with a PI of 113.3.

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.

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.

The average farm real estate value for Illinois in 2024 is $8,700 per acre, including the value of the land and buildings. That is 3.3 percent higher than the adjusted 2023 average of $8,420 per acre.

The average price of hunting land for sale in Illinois is $558,027. Illinois is characterized by a diverse landscape that includes rolling hills, vast prairies, and fertile farmland. The Mississippi River flows along the western border, and Lake Michigan borders the northeastern corner.

Land in California is an investment! Property taxes are relatively minimal, and maintenance is low. Since many individuals are looking to relocate to more rural locations due to the pandemic, there is a significant increase in demand for land, houses, or rentals in these places.

Federal land is managed for many purposes, such as the conservation and development of natural resources, grazing and recreation. The federal government owns 1.14 percent of Illinois's total land, 406,734 acres out of 35,795,200 total acres. Illinois ranked 38th in the nation in federal land ownership.