U.S. agricultural land values reached another record in 2026, although the pace of appreciation continued to ease, according to the latest annual Land Values Summary and cash rent estimates from the USDA’s National Agricultural Statistics Service.
Released Friday, the report showed the average value of U.S. farm real estate, including land and buildings, increased by $150, or 3.4%, to $4,500 per acre. It marked the sixth consecutive annual increase but the slowest gain since the current upswing began in 2021.
Annual growth has steadily moderated from 11.7% in 2022 to 6.7% in 2023, 5% in 2024 and 4.3% in 2025. Despite the slowdown, average farm real estate values are nearly 44% higher than in 2020, according to an American Farm Bureau Federation market intel article on Tuesday.
Cropland values rose 3.3%, or $190, to a record $6,020 per acre. Pasture values increased 4.2% to $2,000 per acre. Since 2020, cropland values have climbed 48%, while pasture values are nearly 43% higher.
Values varied widely by state. Rhode Island recorded the highest average farm real estate value at $23,600 per acre, followed by New Jersey, Massachusetts, Connecticut and California. New Mexico had the lowest average at $735 per acre.
The largest percentage increases since 2020 were concentrated in the central Plains. Farm real estate values rose 76% in Kansas, 65% in Nebraska and 61% in South Dakota, supported by strong agricultural returns earlier in the decade, limited land availability and rising productivity.
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