United States Land Values Department of Agriculture

[Pages:22]United States Department of Agriculture

National Agricultural Statistics Service

Land Values

2018 Summary

August 2018

ISSN: 1949-1867

Contents Agricultural Land Values Highlights ...................................................................................................................................... 4 Average Farm Real Estate Value ? United States: 2004-2018 Chart ..................................................................................... 5 2018 Farm Real Estate Value by State ? Dollars per Acre and Percent Change from 2017 Map .......................................... 5 Average Cropland Value ? United States: 2004-2018 Chart .................................................................................................. 6 2018 Cropland Value by State ? Dollars per Acre and Percent Change from 2017 Map....................................................... 6 Average Pasture Value ? United States: 2004-2018 Chart ..................................................................................................... 7 2018 Pasture Value by State ? Dollars per Acre and Percent Change from 2017 Map .......................................................... 7 Farm Real Estate Average Value per Acre ? Regions, States, and United States: 2014-2018 ............................................... 8 Cropland Average Value per Acre ? Regions, States, and United States: 2014-2018.......................................................... 10 Irrigated and Non-Irrigated Cropland Average Value per Acre ? States: 2014-2018........................................................... 12 Pasture Average Value per Acre ? Regions, States, and United States: 2014-2018 ............................................................. 14 Value of Farmland and Buildings ? States and United States: 2013-2017 ........................................................................... 16 Economic Regions ............................................................................................................................................................... 18 Statistical Methodology ........................................................................................................................................................ 19 Terms and Definitions........................................................................................................................................................... 20 Information Contacts ............................................................................................................................................................ 21

Land Values 2018 Summary (August 2018)

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USDA, National Agricultural Statistics Service

Agricultural Land Values Highlights

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. 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 United States pasture value increased by $40 per acre (3.0 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.

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Land Values 2018 Summary (August 2018)

USDA, National Agricultural Statistics Service

Average Farm Real Estate Value ? United States

Dollars per acre

3,500 3,000 2,500 2,000 1,500

2,950 3,020 3,010 3,080 3,140 2,730 2,520 2,010 2,170 2,090 2,150 2,300 1,830 1,610

1,340

1,000

500

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

USDA - NASS August 2, 2018

Land Values 2018 Summary (August 2018)

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USDA, National Agricultural Statistics Service

Average Cropland Value ? United States

Dollars per acre

4,500 4,000

4,100 4,130 4,090 4,090 4,130 3,810

3,500 3,000 2,500 2,000

3,350

2,980 2,530 2,760 2,640 2,700 2,300 2,060 1,750

1,500

1,000

500

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

USDA - NASS August 2, 2018

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Land Values 2018 Summary (August 2018)

USDA, National Agricultural Statistics Service

Average Pasture Value ? United States

Dollars per acre

1,400 1,200 1,000

1,300 1,330 1,330 1,350 1,390 1,170 1,030 1,090 1,060 1,060 1,070 1,110 960

800

740

630

600

400

200

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

USDA - NASS August 2, 2018

Land Values 2018 Summary (August 2018)

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USDA, National Agricultural Statistics Service

Farm Real Estate Average Value per Acre ? Regions, States, and United States: 2014-2018

Region and State

2014

2015

2016

2017

2018

Northeast ........................................ Connecticut ................................. Delaware ..................................... Maine .......................................... Maryland ..................................... Massachusetts ............................ New Hampshire .......................... New Jersey ................................. New York .................................... Pennsylvania ............................... Rhode Island ............................... Vermont ......................................

(dollars)

4,930 11,200

8,180 2,080 6,900 10,400 4,280 12,800 2,700 5,600 13,700 3,260

(dollars)

5,020 11,300

8,180 2,090 7,000 10,400 4,280 13,000 3,000 5,500 13,800 3,300

(dollars)

5,010 11,200

8,400 2,090 7,060 10,400 4,350 12,800 2,980 5,500 13,800 3,320

(dollars)

5,050 11,200

8,400 2,200 7,060 10,400 4,500 12,800 2,980 5,590 13,800 3,360

(dollars)

5,100 11,200

8,600 2,150 7,150 10,400 4,450 12,700 3,000 5,680 13,800 3,400

Lake ................................................ Michigan ..................................... Minnesota ................................... Wisconsin ...................................

4,640 4,700 4,750 4,400

4,740 4,900 4,700 4,700

4,730 4,800 4,700 4,750

4,890 4,800 4,750 5,200

4,890 4,780 4,700 5,320

Corn Belt ......................................... Illinois .......................................... Indiana ........................................ Iowa ............................................ Missouri ...................................... Ohio ............................................

6,370 7,520 6,950 8,500 3,100 5,550

6,350 7,500 7,150 8,000 3,350 5,750

6,290 7,400 7,150 7,850 3,400 5,700

6,260 7,300 7,000 8,000 3,350 5,650

6,430 7,450 7,100 8,080 3,700 5,740

Northern Plains ............................... Kansas ........................................ Nebraska .................................... North Dakota ............................... South Dakota ..............................

2,280 2,050 3,120 1,820 2,070

2,340 2,030 3,050 1,920 2,320

2,240 1,880 2,950 1,830 2,250

2,200 1,850 2,900 1,840 2,180

2,170 1,800 2,850 1,830 2,170

Appalachian .................................... Kentucky ..................................... North Carolina ............................. Tennessee .................................. Virginia ........................................ West Virginia ...............................

See footnote(s) at end of table.

3,690 3,150 4,510 3,600 4,320 2,560

3,730 3,250 4,500 3,650 4,320 2,600

3,760 3,350 4,450 3,700 4,300 2,570

3,800 3,420 4,450 3,750 4,350 2,570

3,820 3,440 4,480 3,800 4,330 2,570

Change 2017-2018

(percent)

1.0 -

2.4 -2.3 1.3

-1.1 -0.8 0.7 1.6

1.2

-0.4 -1.1 2.3

2.7 2.1 1.4 1.0 10.4 1.6

-1.4 -2.7 -1.7 -0.5 -0.5

0.5 0.6 0.7 1.3 -0.5

-

--continued

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Land Values 2018 Summary (August 2018)

USDA, National Agricultural Statistics Service

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