Farmland Values

When it comes to real estate of any kind, the one saying that always rings true is “location, location, location.”

Aside from the location, the price tag and an understanding of farmland values can also be an essential tool when deciding whether to buy, sell or lease / rent farmland.

Are values going up? Are they dropping? Where is farmland value worth the most?

In the United States between 2013 and 2014, the average price of farm lands and buildings per acre was $2,950, an increase of 8.1% since 2013.

The largest increase in farmland value was 16.3% in the Northern Plains region (Kansas, Nebraska, North Dakota and South Dakota). The Southeast region (Alabama, Florida, Georgia and South Carolina) only had a 1.1% increase.

The Corn Belt (Illinois, Indiana, Iowa, Missouri and Ohio) had the highest average prices at $6,370 per acre and the Mountain region (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming) had the lowest average at $1,070 per acre.

Here’s an in-depth look at how farmland values have changed between 2013 and 2014 in the United States.


State 2013 value per acre ($) 2014 value per acre ($)
 

Northeast Region

Connecticut 11,100 11,200
Delaware 8,170 8,180
Maine 2,100 2,080
Maryland 6,930 6,900
Massachusetts 10,400 10,400
New Hampshire 4,310 4,280
New Jersey 12,800 12,800
New York 2,600 2,700
Pennsylvania 5,430 5,600
Rhode Island 13,800 13,700
Vermont 3,200 3,260
 

Lake Region

Michigan 4,300 4,700
Minnesota 4,300 4,750
Wisconsin 4,100 4,400
 

Corn Belt

Illinois 7,100 7,520
Indiana 6,400 6,950
Iowa 7,700 8,500
Missouri 2,850 3,100
Ohio 5,100 5,500
 

Northern Plains

Kansas 1,750 2,050
Nebraska 2,800 3,120
North Dakota 1,550 1,820
South Dakota 1,690 2,070
 

Appalachian

Kentucky 3,020 3,150
North Carolina 4,340 4,510
Tennessee 3,570 3,600
Virginia 4,310 4,320
West Virginia 2,550 2,560
 

Southeast

Alabama 2,500 2,600
Florida 5,200 5,250
Georgia 3,300 3,300
South Carolina 2,980 3,010
 

Delta

Arkansas 2,700 2,850
Louisiana 2,550 2,670
Mississippi 2,270 2,340
 

Southern Plains

Oklahoma 1,450 1,580
Texas 1,680 1,850
 

Mountain

Arizona 3,500 3,740
Colorado 1,280 1,350
Idaho 2,220 2,360
Montana 790 860
Nevada 1,040 1,080
New Mexico 500 540
Utah 1,900 2,030
Wyoming 600 630
 

Pacific

California 6,900 7,300
Oregon 1,970 2,050
Washington 2,300 2,500

In Canada, it appears that farmland values are also on the rise.


Province Region 2013 value per acre ($) 2014 value per acre ($)
 

British Columbia

Chilliwack-Fraser Valley $40,000 - $60,000 $41,000 - $63,000
  Peace River North $1,300 - $1,350 $750 - $1,550

Alberta

Central Alberta $3,400 - $6,500 $4,500 - $7,500
  Southern Alberta $800 - $8,500 $1,000 - $10,000

Saskatchewan

Northwest/Central West $1,500 - $2,000 $1,800 - $2,200
  East Central $850 - $2,500 $950 - $2,550

Manitoba

Southwest $1,350 - $1,600 $1,500 - $2,000

Ontario

Leamington $11,000 + $7,000 - $11,000
  Lower Essex $6,500 - $7,500 $6,500 – $8,500
  Chatham-Kent $5,000 - $16,000 $7,000 - $22,000
  Middlesex East $12,000 $12,000
  Middlesex West $12,000 $8,500
  Elgin County East $10,000 $10,000
  Elgin County West $8,000 $8,000
  Lambton North $11,000 $10,000
  Lambton South $7,500 $7,000
  Woodstock-Stratford $15,000 - $18,000 $14,000 - $20,000
  Kitchener- Waterloo $15,000 - $18,000 $14,000 - $18,000
  Bruce County $5,000 - $9,000 $6,500 - $10,000
  Grey County $3,500 - $6,500 $3,500 - $8,500
  Barrie/Tottenham/Innisfil $11,000 $10,000 - $16,000
  Bradford $25,000 $25,000
  Quinte N/A $1,500 - $7,500
  Stormont, Dundas and Glengarry   $7,000 - $17,000
  Renfrew/Cobden $3,000 - $5,000 $4,000 - $4,500
  Ottawa/West Carleton $4,000 - $5,000 $8,000 - $10,000
  North Gower/Winchester/St. Isidore/Casselman/Maxville $8,000 - $12,000 $10,000 - $12,000

Nova Scotia

Annapolis Valley $3,800 - $8,000 $5,000 - $10,000

As farmland values in both the United and States and Canada appear to be rising, farmers could find themselves with tough decisions on whether to buy, sell or lease their land.