Farm real estate values up 1.9 percent for 2018

The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,140 per acre for 2018, up $60 per acre (1.9 percent) from 2017 values, according to the Land Values 2018 summary from the U.S. Department of Agriculture’s National Agricultural Statistics Service.

Regional changes in the average value of farm real estate ranged from an 8.3 percent increase in the Southern Plains region to 1.4 percent decrease in the Northern Plains region. The highest farm real estate values were in the Corn Belt region at $6,430 per acre. The Mountain region had the lowest farm real estate value at $1,140 per acre.

The United States cropland value averaged $4,130 per acre, an increase of $40 per acre from the previous year. In the Southern Plains region, the average cropland value increased 4.7 percent from the previous year, while in the Lake region, cropland values decreased by 0.6 percent.

The U.S. pasture value increased by $40 per acre (3 percent) from 2017 values. The Southern Plains region had the highest increase from 2017 at 5.6 percent. The Pacific region remained unchanged at $1,650 per acre.

State reports

In Colorado, the 2018 average farmland real estate value, a measurement of the value of all land and buildings on farms, was $1,420 per acre. This is a decrease of 0.7 percent from 2017 and unchanged from 2016. The average value of cropland was $1,910, down 0.5 percent from 2017. The average value of irrigated cropland was $4,600, unchanged from the previous year, and the average value of non-irrigated cropland was $1,250, down 0.8 percent from the previous year. Pasture values were unchanged from 2017 at $760 per acre.

Average cash rent for irrigated cropland in Colorado was $144 per acre in 2018, $1 an acre more than the previous year. The average cash rent for non-irrigated cropland and pasture in 2018 was not published for Colorado to avoid disclosing data for individual operations.

Iowa’s farm real estate value averaged $8,080 per acre in 2018. This was up $80 per acre or 1 percent from last year’s level. Cropland value, at $8,100 per acre, was unchanged from last year. Pasture value remained unchanged from 2017 at $3,100 per acre.

In Kansas, farm real estate values for 2018 averaged $1,800 per acre, a decrease of $50 per acre (3 percent) from last year.

Cropland value increased 2 percent from last year to $2,010 per acre. Dryland cropland value averaged $1,910 per acre, $40 higher than last year. Irrigated cropland value averaged $2,900 per acre, $50 above a year ago. Pastureland, at $1,280 per acre, was unchanged from the previous year.

Cash rents paid to landlords in 2018 for cropland increased from last year. Irrigated cropland rent averaged $131 per acre, $3 above last year. Dryland cropland rent averaged $58 per acre, $2 higher than a year earlier. Pasture rented for cash averaged $19.50 per acre, $0.50 above the previous year.

Nebraska’s farm real estate value decreased from 2017. Farm real estate value for 2018 averaged $2,850 per acre, down $50 per acre (2 percent) from last year.

Cropland value decreased slightly from last year to $4,540 per acre. Dryland cropland value averaged $3,550 per acre, unchanged from last year. Irrigated cropland value averaged $6,150 per acre, $30 below a year ago. Pastureland, at a record high $1,010 per acre, was $80 higher than the previous year.

Cash rents paid to landlords in 2018 for cropland were mixed from last year. Irrigated cropland rent averaged $238 per acre, unchanged from last year. Dryland cropland rent averaged $150 per acre, $1 higher than a year earlier. Pasture rented for cash averaged $22.50 per acre, $2 below the previous year.

In New Mexico, the average farmland real estate value was $530 per acre. This is unchanged from 2017 and an increase of 1.9 percent from 2016. The average value of cropland was $1,480, unchanged from 2017. The average value of irrigated cropland was $3,930, unchanged from the previous year, and the average value of non-irrigated cropland was $440, unchanged from the previous year. Pasture values were up 2.8 percent from 2017 at $370 per acre.

Average cash rent for irrigated cropland, non-irrigated cropland, and pasture in 2018 were not published for New Mexico to avoid disclosing data for individual operations.

In Oklahoma, farm real estate values for 2018 averaged $2,000 per acre, an increase of $100 per acre (5.3 percent) from last year. Cropland value increased 4 percent from last year to $1,810 per acre. The average value of non-irrigated cropland was estimated at $1,790, up 4.1 percent from the previous year. Pasture values were up 4.1 percent from 2017 at $1,530 per acre.

In Texas, farm real estate values for 2018 averaged $2,280 per acre, an increase of $190 per acre (9.1 percent) from last year. Cropland value increased 4.5 percent from last year to $2,100 per acre.

The average value of irrigated cropland was $2,400, up 9.1 percent from the previous year, and the average value of non-irrigated cropland was estimated at $2,050, up 3.5 percent from the previous year. Pasture values were up 6.1 percent from 2017 at $1,750 per acre.

In Wyoming, the average farmland real estate value was $660 per acre. This is unchanged from 2017 and 2016. The average value of cropland was $1,350, unchanged from 2017. The average value of irrigated cropland was $2,170, unchanged from the previous year, and the average value of non-irrigated cropland was estimated at $760, unchanged from the previous year. Pasture values were unchanged from 2017 at $510 per acre.

Average cash rent for irrigated cropland, non-irrigated cropland, and pasture in 2018 were not published for Wyoming to avoid disclosing data for individual operations.

A county-level cash rent survey was not conducted by USDA in 2018. NASS will next publish agricultural county-level cash rents data in September 2019.

Larry Dreiling can be reached at 785-628-1117 or [email protected].