U.S. Farmland Prices Increased More Than 25%, Report
By Amanda Brodhagen, Farms.com
Farmland values are booming in parts of the United States, especially in the Corn Belt. Those key crop regions are spurring increased farmland prices, with some areas experiencing increased values of more than 25 percent in the past year alone, according to a Federal Reserve Bank report.
Cropland in the central U.S., which includes Kansas, Nebraska, Missouri and Oklahoma, surged to 25.2 percent from 12 months ago. Irrigated farmland in general has risen to about 20 percent, while non-irrigated farmland rose about 18 percent. Cattle land or “ranch land” rose 14 percent, the report said. The report indicated that ranch land in certain parts of the United States, like Oklahoma saw weaker gains largely due to ongoing drought conditions.
Looking to the Midwest and in several Mid-South states such as Arkansas, Missouri, Mississippi, Tennessee, Kentucky, Indianan and Illinois prices were averaging about 20.6 percent, or approximately $5,672 per acre. Ranch lands in these parts are ranging about $2,372, an annual increases of 1 percent.