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The Kansas Land Value Book offers insights for those buying or selling land in 2024.

Jennifer M. Latzke, Editor

March 12, 2024

2 Min Read
Tractor and wind turbines
2023 LAND VALUES: The Kansas State University Department of Agricultural Economics released its “Kansas Agricultural Land Values and Trends 2023” publication, with insights into past and future trends. Mark Alexander/Getty Images

As farm families consider buying or selling farmland in 2024, Kansas State University released the “Kansas Agricultural Land Values and Trends 2023” publication.

This publication, a joint venture between the Kansas Society of Professional Farm Managers and Rural Appraisers and the K-State Agricultural Economics Department, offers valuable insights into past and future trends that could affect land prices.

According to the review, written by Allen Featherstone, K-State Department of Agricultural Economics head, 2023 saw falling commodity prices amid continuing drought. However, he writes, crop insurance revenue guarantees were high, and many farmers had already priced a portion of their crops before the prices fell.

He writes that 2024 may see more difficulties on the farm income front, with lower crop insurance price guarantees. For example, the reference price for wheat declined by 16% and is expected to decline by 18% for corn, 13% for soybeans in 2024. And if crop inputs stay priced high, farmers could expect a difficult income year in 2024.

Land values in 2024 may decrease in this scenario, or at the very least not increase at the levels land buyers and sellers saw in 2022 and 2023.

“Land values were reported to increase by 25.2% in 2022 and 16.3% in 2023, which are large increases based on historical changes where about 1 in 4 years see an increase of more than 10%,” Featherstone writes. “It is likely that land value increases in 2024 will be close to zero. Since 1950, land values have increased by an average of 5.4% annually.”

Of course, Featherstone writes, this all depends on if there is local demand for the land coming from alternative uses — such as hunting, oil and gas exploration, wind or solar development, and more.

Statewide, irrigated cropland in 2023 sold for an average of $4,856 per acre, a 24.9% increase from 2022. Dryland sold for an average in 2023 of $3,194 per acre, an increase of 8.6% from 2022. And pasture or hay ground sold for an average of $2,683 per acre in 2023, a 2% increase from 2022 average prices.

Regionally, dryland in north-central Kansas saw the largest increase in average prices from 2022 to 2023, a 27% increase to an average of $4,180 per acre. While northeast Kansas saw the highest average prices in dryland acres, $6,449 per acre.

Southwest Kansas saw the largest increase in average prices year over year for irrigated acres, at 28.4% rising to an average of $4,151 per acre. However, south-central Kansas saw the highest average price per acre, at $6,297.

Pasture and hay land in 2023 in east-central and southeast Kansas saw an increase in value of 8.6%. And while northeast Kansas had the highest average value of $4,233 per acre, the value dropped 6.5% from 2022.

Read the full publication online at agmanager.info.

About the Author(s)

Jennifer M. Latzke

Editor, Kansas Farmer

Through all her travels, Jennifer M. Latzke knows that there is no place like Kansas.

Jennifer grew up on her family’s multigenerational registered Angus seedstock ranch and diversified farm just north of Woodbine, Kan., about 30 minutes south of Junction City on the edge of the Kansas Flint Hills. Rock Springs Ranch State 4-H Center was in her family’s backyard.

While at Kansas State University, Jennifer was a member of the Sigma Kappa Sorority and a national officer for the Agricultural Communicators of Tomorrow. She graduated in May 2000 with a bachelor’s degree in agricultural communications and a minor in animal science. In August 2000 Jennifer started her 20-year agricultural writing career in Dodge City, Kan., on the far southwest corner of the state.

She’s traveled across the U.S. writing on wheat, sorghum, corn, cotton, dairy and beef stories as well as breaking news and policy at the local, state and national levels. Latzke has traveled across Mexico and South America with the U.S. Wheat Associates and toured Vietnam as a member of KARL Class X. She’s traveled to Argentina as one of 10 IFAJ-Alltech Young Leaders in Agricultural Journalism. And she was part of a delegation of AAEA: The Ag Communicators Network members invited to Cuba.

Jennifer’s an award-winning writer, columnist, and podcaster, recognized by the Kansas Professional Communicators, Kansas Press Association, the National Federation of Presswomen, Livestock Publications Council, and AAEA. In 2019, Jennifer reached the pinnacle of achievements, earning the title of “Writer of Merit” from AAEA.

Trips and accolades are lovely, but Jennifer says she is happiest on the road talking to farmers and ranchers and gathering stories and photos to share with readers.

“It’s an honor and a great responsibility to be able to tell someone’s story and bring them recognition for their work on the land,” Jennifer says. “But my role is also evolving to help our more urban neighbors understand the issues our Kansas farmers face in bringing the food and fiber to their store shelves.”

She spends her time gardening, crafting, watching K-State football, and cheering on her nephews and niece in their 4-H projects. She can be found on Twitter at @Latzke.

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