Land prices continue to slide downward in Nebraska. On average, cropland prices have declined about 10% compared to the highs we saw in 2012 and 2013, reports Ron Stock, Ron Co-Owner and CEO at Stock Realty & Auction Co.

"If you have a farm that's in a highly competitive area with real progressive farmers, you could make an argument that it's steady. You can make no argument it's up. It's definitely bouncing down and back up to the top," Stock says. "There are instances where if the seller wants a quick sale, land is selling 15% lower than the top to get it sold fast."

DIFFERENT LAND USES: Dryland cropland has backed off 10% to 15%, while irrigated land has backed off 5% to 10%. That drop is more drastic west of Highway 281. "It takes nearly as much money to plant an acre of irrigated corn as it does an acre of dryland corn," Stock explains. "Irrigation offers some insurance that you're going to raise a crop where dryland does not."

The "top" refers to the land prices – in some cases upwards of $14,000 per acre – we saw back in 2012 and 2013, when corn was $7.50 a bushel. "The top of the market was established with an excited farmer selling $7.50 corn," Stock says. "He was an emotional buyer and the tops were a little unrealistic when they were put in. There weren't very many of those sales, but they're the sales people remember."

That decline in prices largely depends on the location and land use. With the scarcity of pasture acres in parts of the state, pasture land prices are holding steady. Meanwhile, dryland cropland has backed off 10% to 15%, while irrigated land has backed off 5% to 10% - and that drop in irrigated and dryland cropland prices is more drastic west of Highway 281. "It takes nearly as much money to plant an acre of irrigated corn as it does an acre of dryland corn," Stock explains. "Irrigation offers some insurance that you're going to raise a crop where dryland does not."

HOLDING STEADY: The decline in land prices largely depends on the location and land use. With the scarcity of pasture acres in parts of Nebraska, pasture land prices are holding steady.

Meanwhile, the amount of time it takes to sell land is growing longer. Back when the market was at its peak, it would take less than 30 days to sell a farm. Now it's taking 60, and Stock notes soon it will take 90 to 120 days. "In the top of the market there would be 25 people calling on a farm for sale. Now there are five. Granted, out of the 25 that called when the market was at it's top, realistically only half were potential buyers," he says. "However, the people that were buying land when it was at the top are still buying land today. I think that's important to note."

Stock says some lending institutions are requiring a small percentage of farm operators to sell land or equipment in order to get refinanced in 2017. "So we do anticipate more land coming to the market in the next six months," he says. "We know for certain because we're taking more phone calls from people thinking seriously about putting their farm on the market this fall."

Ron Stock contributed to this report.

Ron Stock is a licensed real estate broker and has been in business with his brother, Mark since 1984. He is licensed in Nebraska, Kansas, Oklahoma, Colorado, South Dakota, Iowa, Minnesota, and Missouri.

For more information, contact Stock at 402-649-3705