Average farm real estate values keep marching upward, according to USDA’s National Agricultural Statistics Service’s annual Land Values report. For 2024, agricultural land is valued at an average of $4,170 per acre. That’s $200 or 5% more than last year and marks the fourth straight year of higher farm real estate values.
Farm real estate measures the value of all land and buildings on farms, and the average annual values are estimated primarily on surveys conducted in early June. Values are also broken down for cropland and pasture, both of which were higher than last year. Cropland averaged $5,570 per acre, up $250 from last year, while pasture values averaged $1,830 per acre, which was $90 higher.
Total farm real estate value has risen 94% since 2010, when an acre of farmland cost $2,150 on average. Twelve of the 14 years since then have seen farmland value rise, with the other two years (2016 and 2020) recording negligible $10-per-acre drops compared to the previous year.
Katelyn Allen
Aug 8, 2024
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