Non-irrigated hay land values increased slightly in South Dakota in 2014, according a farm real estate survey conducted by ag economists at South Dakota State University (SDSU).
The 2014 average value of non-irrigated hay land in the state was $2,458/acre, up from 2013’s average of $2,285/acre.
The $173/acre land value improvement amounted to a 7.6% increase over last year’s total. The rate of increase was slower than the previous three years’ increase — a 30% rise in 2013, 28% in 2012 and 15% in 2011.
The SDSU survey results, released June 2, also provided a picture of varying land values based on the productivity of hay land in different parts of the state.
According to the report, the average 2014 per-acre values in the southeastern region varied from a high of $5,961 for high-productivity hay land to $3,353 for low-productivity hay land.
Highly productive hay land in the south-central region averaged $2,063/acre; low-productivity hay land, $1,240/acre. In the southwest, high-productivity hay land values averaged $963/acre while low-productivity land averaged $537/acre.
In the northeast, highly productive land went for $3,281/acre; low-productivity land averaged $1,575/acre. The north-central region reported an average of $3,354/acre for highly productive land and $1,718/acre for land with low productivity. In the northwest, high-productivity hay land came in at $767/acre and low-productivity land was $438/acre in 2014.
In the east-central region, highly productive hay land averaged $5,756/acre; low-productivity hay land, $3,389/acre. In the central part of South Dakota, high-productivity hay land averaged $3,344/acre for 2014; low-productivity land averaged $1,870/acre.
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