South Dakota’s farm real estate value, a measurement of the value of all land and buildings on farms, increased from 2022, according to USDA’s National Agricultural Statistics Service. Farm real estate value for 2023 averaged $2,920 per acre, up $320 per acre (up 12%) from last year.
Cropland value increased 13% from last year to $4,550 per acre. Dryland cropland value averaged $4,520 per acre, $520 higher than last year. Pastureland, at $1,340 per acre, was $110 higher than the previous year.
Cash rents paid to landlords in 2023 for cropland increased from last year. Irrigated cropland rent averaged $219.00 per acre, $14.00 above last year. Dryland cropland rent averaged $126.00 per acre, $1.00 higher than a year earlier. Pasture rented for cash averaged $30.00 per acre, $0.50 above the previous year.
North Dakota’s farm real estate value, a measurement of the value of all land and buildings on farms, increased from 2022, according to USDA’s National Agricultural Statistics Service. Farm real estate value for 2023 averaged $2,320 per acre, up $270 per acre (up 13%) from last year.
Cropland value increased 13% from last year to $2,660 per acre. Pastureland, at $1,070 per acre, was $140 higher than the previous year.
Cash rents paid to landlords in 2023 for cropland increased from last year. Irrigated cropland rent averaged $189.00 per acre, $1.00 above last year. Dryland cropland rent averaged $76.00 per acre, $3.00 higher than a year earlier. Pasture rented for cash averaged $20.50 per acre, $1.00 above the previous year.
County level averages of 2023 cash rents paid to landlords will be released on August 25, 2023 and will be available through NASS Quick Stats, located at http://quickstats.nass.usda.gov/.
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