Farmland Values Up

USDA’s National Ag Statistics Service (NASS) reported that Iowa had the highest farmland value in the cornbelt/Midwest last year at $7,000, while Nebraska had the largest percentage increase, 33.5% over 2010. New Jersey has the highest farmland value in the continental U.S. at $12,200 which is actually 3.9% below a year ago.

U.S. cropland averaged $3,550 per acre in 2011 up 14.5% from 2010. Nebraska posted the biggest percentage increase up 35.8%. Iowa had the most valuable cropland in the cornbelt averaging $7,300 per acre, while New Jersey had the highest price in the continental U.S. at $12,300 per acre.

Pastureland in the contiguous 48 states averaged $1.150 per acre in 2011 up 4.5% from 2010. Ohio had the highest pastureland value in the cornbelt/Midwest at $3,200 per acre while South Dakota saw the biggest increase at 25.5%. Pastureland in New Jersey sold for an average $13,500 last year.

By region, farmland increased the most in the Northern Plains states up 26.7%. The Cornbelt saw an 18.3% increase, the Lakes States were 14.5% higher, the Northeast increased 1.9% and the Appalachian States increased 1.1%.

One note of interest, farmland values in the Northeast are still $200 below what they were in 2008, cropland is $330 below 2008.

Cropland values increased just 1.3% in the Northeast last year, Appalachia increased 4.5%, the Lakes States added 16.9%, Cornbelt up 18.5% and the Northern Plains increased 30.4%.

The Northern Plains saw a 21.9% increase in pastureland value, Cornbelt increased 8.6%, Lakes States saw pastureland values 3.9% higher, the Northeast increased 0.6% and Appalachia decreased 1.5%.

Total value of farmland and buildings in the United States in 2011 was $2.1 trillion. Texas has the most valuable farmland and buildings $227.5 billion; California as $175.26 billion; Iowa $174.99 billion, Illinois $151.6 billion.