The USDA released the latest Agricultural Land Values 2023 summary, noting that all land values (crop and pasture) increased.
The U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023, up $280 per acre (7.4%) from 2022. Cropland value averaged $5,460 per acre, an increase of $410 per acre (8.1%) from the previous year.
The pasture value averaged $1,760 per acre, an increase of $110 per acre (6.7%) from 2022.
In Idaho, all land values rose an average of 3%, with value of farmland and buildings rising the highest at 10.4% over 2022, or $42,550 per acre (Table 1).
Two other areas in Idaho saw increases of 5%, cropland average value per acre and irrigated cropland average value per acre. Non-irrigated cropland noted the smallest increase at 2.4%, rising to $2,150 per acre for 2023.
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