US cropland values for 2025 averaged $5,830 per acre, an increase of +$260 per acre from last year, according to the USDA’s latest “Land Values” report. This follows a +4.7% increase in cropland values in 2024 and a more than +8% gain in 2023. The average pasture value was $1,920/acre, up +$90 (+4.9%) from 2024, while farm real estate value (a measurement of the value of all land and buildings on farms) averaged $4,350/acre, up +$180 per acre (+4.3%) from 2024. Below are more details from the report, which is available HERE.
Cropland Values – Every state witnessed gains in cropland values for 2025. The gains were highest for Lake States, rising +7.3% to an average of $6,940. This was followed by Southern Plains states with a gain of +5.6%, a gain of +5.1% for Appalachian states, and a +4.5% increase for Northern Plains states. Among individual states, Utah leads with a cropland value gain of +9.7%, followed by Michigan (+8.2%), Tennessee (+7.8%), and Minnesota (+7.0). For a longer-range perspective, below are regional cropland value gains since 2021:
- Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +46.0%
- Lake States (Michigan, Minnesota, Wisconsin) +39.6%
- Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +32.8%
- Pacific (California, Oregon, Washington) 21.5%
- Southern Plains (Oklahoma, Texas) +34.7%
- Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +35.8%
- Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +20.8%
- Southeast (Alabama, Florida, Georgia, South Carolina) +33.5%
- Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +26.7%
- Delta (Arkansas, Louisiana, Mississippi) +19.4%
Farm Real Estate Values – The Southern Plains leads the category with an overall increase of +5.9% from 2024, followed by the Lake States (+5.7%) and Appalachian (+5.1%). The biggest gain among individual states belongs to Michigan, with an increase of +7.8%, followed by Tennessee (+7.7%) and South Dakota (+6.8%). Regional gains since 2021 are as follows:
- Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +46.8%
- Lake States (Michigan, Minnesota, Wisconsin) +32.5%
- Southern Plains (Oklahoma, Texas) +33.3%
- Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +29.7%
- Pacific (California, Oregon, Washington) 22.4%
- Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +30.9%
- Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +20.7%
- Southeast (Alabama, Florida, Georgia, South Carolina) +32.5%
- Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +24.8%
- Delta (Arkansas, Louisiana, Mississippi) +18.4%
Pasture Land Values – The Northern Plains lead pasture land value gains with an increase of +7.6% followed by Southern Plains states (+4.6%). The Corn Belt and Appalachian states are tied with a +4.0% gain for 2025. By state, North Dakota with an increase of +8.6%, followed by Kansas (+8.1%) and Nebraska (+7.9%). Below are the regional pasture value gains since 2021.
- Northern Plains (Kansas, Nebraska, North Dakota, South Dakota) +47.2%
- Southern Plains (Oklahoma, Texas) +33.7%
- Lake States (Michigan, Minnesota, Wisconsin) +29.2%
- Corn Belt (Illinois, Indiana, Iowa, Missouri, Ohio) +24.3%
- Pacific (California, Oregon, Washington) +28.9%
- Southeast (Alabama, Florida, Georgia, South Carolina) 29.7%
- Appalachian (Kentucky, North Carolina, Tennessee, Virginia, West Virginia) +28.9%
- Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) +25.1%
- Northeast (Delaware, Maryland, New Jersey, New York, Pennsylvania) +18.2%
- Delta (Arkansas, Louisiana, Mississippi) +19.1%
I still remain a longer-term crop-farm-pasture land bull. I argue that more and more buyers are entering the space, whether for hunting, recreational purposes, real estate development, data centers, solar energy, or power plants. The list of buyers for alternative uses continues to gain momentum. At the same time, what will happen if interest rates are lowered in the months ahead, which I think they will, and what happens if and when crop prices rebound back higher… I remain a long-term bull and still like land for building generational wealth.
