US cropland values for 2023 averaged $5,460 per acre, an increase of +$410 per acre, or +8.1%, from 2021, and +33% higher than the average of $4,100 in 2020. In fact, cropland values had been stuck at around $4,100 since 2014, before seeing the first significant gain (+7.8%) in 2021 and obviously making further gains the last two years. The story is similar for farm real estate, which increased +7.4% from 2022 and +29% from 2020, and pasture values, which gained +6.7% over 2022 and +25.7% over 2020. The data comes from the USDA’s latest ‘Agricultural Land Values’, which is available HERE. Below are some of the details:
Cropland Values – Northern Plains’ states saw some of the biggest gains, with cropland values in the region rising +14.1% to $4,200 per acre in 2023. That includes a whopping +16.6% gain in Kansas, followed by increases of +13.8% in Nebraska, +13.2% in North Dakota, and +12.9% in South Dakota. The Lake States region also witnessed double-digit gains in cropland values with an overall increase of +10.9% to $6,620 per acre. Wisconsin leads with an increase of +11.8%, followed by Michigan (+11.3%) and Minnesota (+10%). Regional cropland value gains since 2020 are even more impressive:
Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +53.3%
Lake States (Michigan, Minnesota, Wisconsin) +40%
Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +34.5%
Pacific (California, Oregon, Washington) 33.2%
Southern Plains (Oklahoma, Texas) +28.5%
Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +22.4%
Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +21.6%
Southeast (Alabama, Florida, Georgia, South Carolina) 21%
Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +20%
Delta (Arkansas, Louisiana, Mississippi) +10.1%
Farm Real Estate Values – The Northern Plains once again leads the category with an overall increase of +13.7% from 2022 to $4,080 per acre. Kansas farm real estate values jumped +16.3%, followed by an increase of +13.2% in North Dakota, +13.1% in Nebraska, and +12.3% in South Dakota. The Lake States region saw the second-highest gain in farm real estate value, climbing +8.2% to $6,450 in 2023, which includes an increase of +9.4% in Michigan, +8.8% in Wisconsin, and +7.3% in Minnesota. Regional gains since 2020 are as follows:
Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +49.1%
Lake States (Michigan, Minnesota, Wisconsin) +32.7%
Southern Plains (Oklahoma, Texas) +32.7%
Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +32.6%
Pacific (California, Oregon, Washington) 23%
Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +20.3%
Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +18%
Southeast (Alabama, Florida, Georgia, South Carolina) 17.5%
Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +16.9%
Delta (Arkansas, Louisiana, Mississippi) +8.6%
Pasture Values – Pasture value gains in 2023 are also led by the Northern Plains, which were up +13.5% to $2,860 per acre. Kansas again leads the gains with a +16.2% increase, while pasture values rose +16.1% in Nebraska, +15.1% in North Dakota, and +8.9% in South Dakota. The Appalachian region saw the secon-highest pasture value gains with an increase of +8% to $4,180, led by Tennessee with a gain of +10.1% and followed by Virginia (+9.4%), North Carolina (+6.7%), West Virginia (+6.5%), and Kentucky (+4.6%). Below are the regional pasture value gains since 2020:
Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +39.8%
Southern Plains (Oklahoma, Texas) +31.1%
Lake States (Michigan, Minnesota, Wisconsin) +30.7%
Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +22.2%
Pacific (California, Oregon, Washington) 21.1%
Southeast (Alabama, Florida, Georgia, South Carolina) 19.4%
Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +17.7%
Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +17.6%
Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +14.4%
Delta (Arkansas, Louisiana, Mississippi) +10.9%
