The Van Trump Report

US Farmland Values Climb Higher

Farmland prices continue to climb across all regions of the US. The average farm real estate value, which includes all land and buildings on farms, climbed by +$420 an acre in 2022 to an average $3,800 per acre, up +12.4% versus 2021 and up more than +50% from 2012 ($2,520 per acre). Cropland values are up  even more for the year, climbing +630 to an average $5,050 per acre, an increase of +14.3% from 2021. The increase from 2012 is similar, though, up just over +50% from $3,350 per acre. Pasture land values at $1,650 per acre in 2022 are up +$170 per acre, or +11.5% from 2021, and up almost +49% versus 2012 ($1,110 per acre).

Breaking farm real estate gains down by region, the Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) witnessed the biggest increase at +19.8%, followed by a gain of +14.9% in the Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio), +13.7% in the Lake States (Michigan, Minnesota, Wisconsin), and +11.3% in Southern Plains states (Oklahoma, Texas). With an increase of +25.2%, Kansas witnessed the biggest annual gain, followed by Iowa (+21.4%), Nebraska (+21%), South Dakota (+18.7%), and Minnesota (+17.4%).    

Regional cropland values also climbed the most in the Northern Plains from 2021 to 2022, up +19.9%, followed by the Lake States (+15.7%), the Corn Belt (+15.3%), and Southern Plains (+12.7%). The top gaining state was again Kansas with an increase in cropland values of +24.5%, followed by Nebraska (+21%), Iowa (+19.7%), South Dakota (+18.9%), and Minnesota (+17.6%).

For pasture land, the Northern Plains leads again with a gain of +17.7% from 2021 to 2022, followed by the Southern Plains (+13.6%), the Pacific (+13.2%), and the Lake States (+11.6%). Once again, Kansas saw the biggest increase in pasture land values, up +23.3%, followed by South Dakota (+16%), Idaho (+15.9%), Wisconsin (+15.1%), and California (+14.5%). The full report is HERE.


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