Key Takeaways:
- Acres.com announces a partnership with Agricultural Economic Insights (AEI) as its preferred land data partner.
- The partnership delivers new insights into farmland transactions, challenging previous assumptions about land turnover rates.
- AEI’s first report powered by Acres focuses on farmland transactions in Illinois.
- The report suggests that farmland is transacting faster than previously believed.
Strategic Partnership Announcement
Acres.com, a land intelligence platform, has entered into a strategic partnership with Agricultural Economic Insights (AEI), selecting Acres as its preferred partner for land data and intelligence. This collaboration seeks to provide detailed insights into farmland transactions and ownership patterns, utilizing Acres’ extensive land data and AEI’s expertise in agricultural economics.
AEI’s First Report Powered by Acres
As part of this partnership, AEI has released its first report, which challenges the widely accepted assumption that 2% of farmland changes ownership annually. The report, authored by AEI’s David Widmar and Randy Dickhut, examines farmland transactions in Illinois. Using data from Acres, the report offers a data-driven perspective that reshapes previous understandings of farmland turnover.
Statements from Leadership
“Collaborating with Agricultural Economic Insights is an exciting step forward in our goal to provide clarity and actionable intelligence around land data,” said Carter Malloy, Founder and CEO of Acres. “With our extensive land transaction data and AEI’s expertise in agricultural economics, we are poised to deliver novel insights and informed perspectives for AEI readers and Acres users alike.”
David Widmar, Managing Partner at AEI, added: “Before, we often relied on rules of thumb or anecdotes to summarize farmland activity. Now, Acres provides data that allows for new measures and insights about the farmland market. We are excited to share market-level insights about the local conditions in recent years.”
Key Findings from the Report
The report reveals several key findings on Illinois farmland transactions:
- Annual Transaction Rates: Between 2018 and 2023, an average of 1.7% of Illinois farmland was sold annually, with fluctuations ranging from 1.5% in 2018 to a peak of 2.2% in 2021.
- County-Level Variability: At the county level, some regions saw over 15% of their farmland sold during the same period—significantly higher than the expected 2% based on common assumptions.
- Revised Understanding: The research indicates that farmland in Illinois is transacting faster than previously believed, suggesting that similar trends may exist in other regions and states.
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