U.S. farm real estate value averaged $3,140 per acre in 2018, up $60 per acre, or 1.9%, from 2017, according to USDA Land Values, 2018 Summary, released Aug. 2, 2018. The highest farm real estate values were in the Corn Belt, which had an average value of $6,430 per acre. The lowest farm real estate value was in the Mountain region, at $1,140 per acre. Regional changes ranged from an average increase of 8.3% in the Southern Plains to a 1.4% decrease in the Northern Plains.
U.S. cropland value average $4,130 per acre, an increase of $40 per acre from 2017. The average cropland value increased 4.7% in the Southern Plains region, compared to a decrease of .6% in the Lake region.
U.S. pasture value increased by $40 per acre, 3%, from 2017. The Southern Plains region had the highest increase at 5.6%. The Pacific region was unchanged at $1,650 per acre.
USDA also released rental rate data on Aug. 2. The U.S. cash rent per acre was $138. For irrigated cropland, the cash rent per acre was $215. For non-irrigated cropland, the rent per acre was $125 per acre. The pastureland cash rent was $12.50 per acre.
Source: USDA NASS