Cropland Values Average $5,570 Per Acre, USDA Land Summary Report Says

Article Excerpts:

“USDA said the value of all farm real estate increased 5% from 2023, averaging $4,170 per acre. This estimate includes buildings and other facilities.

Cropland values increased to $5,570 per acre from the previous year. That's $250 per acre more, up 4.7%.

The average pasture value was $1,830 per acre, a $90 per acre increase from 2023. That's a 5.2% change.

Farmers paid an average of $160 per acre to rent cropland, but rents on irrigated ground averaged $245 per acre while dryland rents averaged $146 per acre.

To compile its annual Land Values Summary, USDA uses a sample of 9,000 segments of land, each about a square mile in size. The agency's enumerators contact all producers in that segment to record cropland and pastureland values. They also collect an estimate of all land and buildings in the farmer's entire operation as well as percentage change from the prior year.

Data is summarized by Regional Field Offices and those estimates and supporting data are sent to the Agricultural Statistics Board (ASB). The ASB reviews the material and compiles the national estimate.”

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