The Cost of an Illinois Acre
According to a report commissioned by the Illinois Department of Natural Resources in the fall of 1999, land values in Illinois vary greatly, from $300 per acre in parts of Vermillion County downstate to more than $500,000 per acre in DuPage County. Overall, land values have steadily increased in the 1990s and, in parts of Northeastern Illinois, they have "skyrocketed." As long as the national and state economies remain strong, there is little reason to expect this trend to change. Land values will continue to increase, outpacing inflation and to periodically spiral upward for development "hot spots."
County | Characterization of Current Costs | Reported Change |
of Land Acquired (Per Acre) | During the 1990s | |
Lake | East: $40,000 - 60,000 | Costs doubled |
West: $20,000 - 30,000 | ||
McHenry | East: $20,000 - 40,000 | Increased 2 to 3 times |
Central: $7,000 - 10,000 | inflation rate | |
West: $5,000 - 6,000 | ||
Kane | East: $25,000 - 30,000 | Prices per acre have |
Central: $15,000 - 17,000 | increased $5,000 in the | |
West: $6,000 - 9,000 | last 4 years | |
DuPage | 1998 average: $150,400 | In 1988, average per acre |
1997 average: $138,000 | cost was $25,000 | |
In 1989, $45,000 | ||
Will | North of 1-80: $6,000-7,000 with | Costs doubled or |
some costs reaching $20,000 | tripled in the | |
South of 1-80: $5,000-6,000 | 1990s | |
East/Third Airport Area: $10,000 | ||
Cook | $30,000-60,000 | Substantially |
Considered parcels as | increased | |
high as $500,000 | ||
Boone | Upland: $3,500 | Substantially increased |
Floodplain: $2,000 - 2,500 | in last 5 years | |
Macon | Per acre values have ranged | Increased |
from $900 to 5,600 | ||
Most recent gift in 1998 | ||
appraised at $3,800 | ||
Vermillion | Agricultural: $1,300 | Increased |
Woodland: $300 - 500 | ||
(estimate for 1995) |
From the report, see the chart of land values per acre as reported by county park and conservation agencies for northeastern Illinois and three downstate counties. These reports were confirmed by Corlands, the realty arm of the Openlands Project, and the Illinois Homebuilders Association.
Interestingly, in a 1997 land value analysis and comparison conducted by the DNR's Division of Realty, an average cost per acre was calculated at $22,446 based on figures from 67 grant- assisted acquisition projects. Individual projects varied widely in cost from $2,560 to $850,000 per acre for unimproved property.
From "Natural Resources Land Values," a study by the Illinois Department of Natural Resources. September of 1999.
November/December 1999 /41