The value of the nation’s farm real estate, a measurement of the value of all land and buildings on farms, rose 7% for 2021, reports USDA. Its annual update pegged the average value of an acre of farm real estate at $3,380, up $220 per acre from 2020.
The annual survey pegged the average value of U.S. cropland at $4,420 per acre, an increase of $320 per acre (7.8%) from the previous year. This year’s figure marks a record high in cropland values. Until this year, the value of U.S. cropland had hovered narrowly between 2017’s $4,030 an acre and 2015’s $4,100 an acre. U.S. cropland crossed the $4,000 mark in 2014. This year’s average is up 75% compared to 2007’s $2,530 an acre.
The Northern Plains led increases in cropland values. Kansas, Nebraska, and the Dakotas registered an annual gain of 12%. Kansas and Nebraska paced the increase with gains of 13.9% and 13.8%, respectively. South Dakota followed with a boost of 11.9% followed by a 6.7% rise in North Dakota.
The Lake States follow with a regional increase of 9.1%. Wisconsin marks a 10.7% rise followed by a 9.8% gain in Minnesota and a 4.9% boost in Michigan.
The Corn Belt notches an 8.3% gain with Indiana pacing the surge with a 9.5% boost. Iowa follows with an 8.9% increase. Illinois notches an 8.2% rise. Missouri marks a 7.9% boost and Ohio registers a 5.9% gain.
The Pacific region registers a 6.9% increase. California marks a 7.4% rise followed by Oregon’s 6.1% boost and Washington’s 3.4% gain. The Southern Plains post a 6.2% boost with Oklahoma up 7.1% and Texas up 5.9%.
The Delta lists the smallest annual gain at 1.7%. The Appalachian and Southeast regions both note 2.6% annual increases. The Mountain States region records a 4.5% annual gain.
Meanwhile, the USDA notes the value of U.S. pastureland rose 5.7% compared to 2020. The agency places the value of an acre of U.S. pasture at $1,480, up $80 versus a year earlier.