Cropland value across the country increased by 13 percent to $4,000 per acre, according to the USDA’s annual “Land Values” report released on Friday. These values took a hit in 2009 but have climbed steadily ever since.
The Northern Plains and Corn Belt saw the biggest jump, with cropland values up 25 and 16.1 percent, respectively.
North Dakota cropland reached $1,910 per acre, up a whopping 41.5 percent from last year. South Dakota wasn’t far behind with values jumping 30.2 percent to $3,020 per acre. Cropland values in Colorado, Kansas, Nebraska, Iowa, Minnesota, Illinois, and Michigan also grew by at least 15 percent.
Not all states reported increases, however. Texas reported a 3 percent drop in cropland values from last year, while New Mexico saw these values drop by nearly 10 percent. Wyoming, New York, Alabama, South Carolina and Florida also saw their cropland values decline.
Real estate value, which includes the value of all land and buildings on farms, averaged $2,900 per acre in 2013, up 9.4 percent from 2012. The highest farm real estate values were in the Corn Belt, averaging $6,400 per acre. Since 2009, however, farm real estate values in the Corn Belt have climbed 76.8 percent.
Pasture value also increased, climbing 4.3 percent to $1,200 per acre. As with the other land values reported, pasture values in the Corn Belt and Northern Plains were the highest reported.