While some wondered if land values were falling, the USDA annual land values report didn't show that overall. The USDA released it's annual land values report today. Some areas did see some decreases and some didn't show any movement. However, values did go up even with uncertainty hanging over the agriculture economy.
The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,140 per acre for 2018, up $60 per acre (1.9 percent) from 2017 values. Regional changes in the average value of farm real estate ranged from an 8.3 percent increase in the Southern Plains region to 1.4 percent decrease in the Northern Plains region. The highest farm real estate values were in the Corn Belt region at $6,430 per acre. The Mountain region had the lowest farm real estate value at $1,140 per acre.
The United States cropland value averaged $4,130 per acre, an increase of $40 per acre from the previous year. In the Southern Plains region, the average cropland value increased 4.7 percent from the previous year, while in the Lake region, cropland values decreased by 0.6 percent.
We took a close look at cropland values in the report. Several states showed no changes in cropland values including New Mexico, Georgia, North Dakota, Missouri, Iowa, Indiana and Minnesota. States that showed a decrease in cropland values include: Michigan, Wisconsin, Nebraska, South Dakota, Virginia, West Virginia and Colorado.
The United States pasture value increased by $40 per acre (3.0 percent) from 2017 values. The Southern Plains region had the highest increase from 2017 at 5.6 percent. The Pacific region remained unchanged at $1,650 per acre.
Check out the gallery for more details in the Corn Belt, Lake states and the Northern Plains.