 Several years of strong profitability created optimism in the real estate market and helped offset the impact of the Fed's rate hikes in both 2022 and 23, he said. While buyers seem willing to compete for limited land, falling grain prices are shifting attention to the more challenging economic environment. The state of Iowa, which is normally on the leading edge of market trends, saw land values decline for the first time in five years. Despite that pullback, Iowa's real estate values are up 60% since 2019. Sam Speck with your latest agricultural news through the MidAmerica Ag Network.