Farm real estate prices rose year-over-year nationally, as every state saw gains in land values, according to an annual report from the U.S. Ag Department.
The value of land and buildings on farms rose 4.3% this year, to $4,350, the agency said after a survey of more than 28,000 operations conducted April–June.
Cropland costs increased 4.7%, to $5,830 an acre, and pasture value rose 4.9%, to $1,920 an acre.
Iowa ag land was valued at $9,790 an acre, up 3.9% on an annual basis, and Illinois saw gains of 2.6%, to $8,930 an acre, the USDA said. Iowa and Illinois are the biggest producers of corn and soybeans in the U.S.
Nebraska land values rose to $4,250 an acre versus $4,080 a year earlier.
Kansas ag real estate increased 4.4%, to $3,100 an acre, on average.
South Dakota valuations were up 6.8%, to $2,970 an acre.
North Dakota values gained 4.4%, to $2,360 an acre.
Comments