The value of Iowa’s tillable farmland plateaued during the last half of 2022 but prices remain at historic highs, according to research by Iowa Appraisal.

Land values rose 13.4% in 2022, with the average statewide price per tillable acre at $13,742, according to a news release. A year ago, tillable farmland sold for an average of $12,450 an acre.

“The first six months of 2022 continued the prior year’s explosive increases, landing up 15.3%” according to the release. “Prices peaked in May then declined, leveling through the rest of the year.”

Nearly 150,000 acres of farmland was auctioned in 2022, a historical high, according to the release.

The elevated market conditions have been boosted by large buyer pools, inflation, historically low borrowing costs, stock market volatility and plentiful harvests, according to the release.