Director of Research (if dissertation) or Advisor (if thesis)
Sherrick, Bruce J.
Department of Study
Agr & Consumer Economics
Discipline
Agricultural & Applied Econ
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Keyword(s)
Farmland prices
farmland values
Illinois farmland
hedonic model
Abstract
This study examines the determinants of Illinois farmland prices. Hedonic models are utilized to represent and analyze the defining characteristics of Illinois farmland. Models are
applied to Illinois Department of Revenue farmland transfer data from 1979 to 2010. Particular
attention is given to farmland prices from 2000 to 2010. Results show that urban influence was
an exceptionally important determinant of county-level farmland prices during the early 2000s. Soil productivity was also a major driver of farmland price variation. Parcel-level regressions
confirm these insights. This study’s findings agree with anecdotal and empirical evidence from the Illinois farmland market in recent years.
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