A growing economy and increasing demand for land are driving prices higher. Unlike other real estate, farmland has relatively stable returns, meaning that investors are willing to pay more for it. However, it’s important to do your research before making a purchase. Consider factors such as zoning, deed restrictions, road access and utility availability. Performing a thorough property inspection is also crucial. Buying a piece of vacant land without a proper survey could lead to unforeseen issues down the road.

According to a 2016 report by the USDA, the average price of Illinois farmland is $1,830 per acre. This compares to the national average of $2,200 per acre. While this difference may seem small, it can add up over time. To determine a fair market value, you can use the farm real estate valuation index found on the farmdoc website. This tool will give you an estimate of the current or past value based on past sales and other variables.

The state of Illinois routinely acquires private property Rapid Land Purchase in Illinois for its basic responsibilities to citizens, such as building new roads and improving existing ones. These responsibilities also include erecting and expanding public buildings and creating state parks. If the state did not have the power to acquire private property, it would be impossible to fulfill these responsibilities. However, private property acquired by the state occasionally becomes unused. Under 605 ILCS 5/4-508, the former owner of a parcel that becomes unused can make an offer to buy back the land.

If you have a legal right to the land and meet the other requirements set out in the law, the state will approve the sale. This can take several months as the Department of Transportation investigates the property, performs at least one survey and completes all its internal paperwork. The Department of Transportation will also have to perform a full appraisal and assign a price no less than the determined fair market value.

In Chicago, a city-owned lot can be purchased through the Adjacent Neighbors Land Acquisition Program (ANLAP). A person must show proof of ownership and occupancy of the property adjacent to the vacant city-owned lot. They must also be in good standing with the city, which means that they are up to date on their real estate taxes and other debts owed to the city. Finally, they must submit a letter of support from the alderman whose ward includes the property and City Council approval. This process can be lengthy, but it allows a property owner to avoid the competition of an auction.