USDA documented a $70 per acre increase in 2017 compared to last year
By Diego Flammini
Assistant Editor, North American Content
The value of farmland real estate is up by an average of $70 per acre, according to the USDA’s latest Land Values Summary.
The current average price of farmland across the United States is $3,080 per acre, compared to $3,010 per acre in 2016.
Farmland values have increased almost every year since 2003. Between 2008 and 2009, average values dropped from $2,170 per acre to $2,090 per acre.
And between 2015 and 2016, average value dipped by only $10 per acre.
The states with the highest average real estate value per acre are all in the Northeastern U.S. They are:
- Rhode Island - $13,800
- New Jersey – $12,800
- Connecticut - $11,200
- Massachusetts - $10,400
California experienced the highest increase in value. Farmland in the state increased from $7,900 per acre in 2016 to $8,700 in 2017. That represents an increase of 10.1 percent.
And South Dakota’s farmland value dropped the most of any state. In 2016, farmland was worth $2,250 per acre. That number has fallen to $2,180 per acre. That represents a decrease of 3.1 percent.
Farmland value in the Corn Belt fell by 0.5 percent, according to the USDA’s report.
As a whole, land in the region decreased in value to $6,260 in 2017, compared to $6,290 last year.
Only one Corn Belt state experienced an increase in average farmland value.
Land in Iowa went from $7,850 per acre in 2016 to $8,000 per acre this year. That represents an increase of 1.9 per cent.
The other states experienced land value decreases.
Illinois land fell by 1.4 percent, going from $7,400 per acre last year to $7,300 this year.
The value of farmland in Indiana decreased by 2.1 percent, from $7,150 per acre in 2016 to $7,000 per acre in 2017.
Farmland in Missouri dropped by 1.5 percent. Land averaged $3,400 per acre in 2016, compared to $3,350 per acre in 2017.
And farm real estate in Ohio dropped by 0.9 percent compared to 2016.
The average value of farmland in Ohio was $5,700 per acre in 2016. It’s now $5,560 per acre, according to the USDA.