Land prices climbed dramatically in 2004, reaching new all-time highs in most areas. Annual farmland price survey data from Iowa State University shows the average price for Iowa farmland surged 15.6% to $2,629/acre.

During the land boom of the late 1970s and early 1980s, the Iowa average peaked at $2,147/acre before plunging to $787 by 1986. With last year's large gains, Iowa land prices have more than tripled since 1986.