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.