Highlights
The U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,170 per acre for 2024, up $200 per acre (5%) from 2023. The U.S. cropland value averaged $5,570 per acre, an increase of $250 per acre (4.7%) from the previous year. The U.S. pasture value averaged $1,830 per acre, an increase of $90 per acre (5.2%) from 2023.
Dairy states
2024 cropland values among the 24 major dairy states rose only about 2% from 2023, less than the national average. Year-over-year increases of 8% or more were recorded in Tennessee, North Carolina, Kentucky, Virginia, Ohio, Michigan, Florida and Oklahoma. Smallest increases were recorded in New Jersey, Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, Colorado, Montana and New Mexico, each less than 1%.
“This annual report provides one of many indicators of the overall health of the agricultural economy. While record rental rates are an increased production expense for renters, on the flip side, when land values stagnate or decrease, so do collateral values, limiting farmers’ ability to secure loans and access the increased capital needed to acquire higher-cost inputs,” said Daniel Munch, economist with the American Farm Bureau Federation.
The information is based on the USDA’s National Agricultural Statistics Service surveys conducted each June and released each August. A sample of approximately 9,000 segments of land is selected, each approximately 1 square mile in size. Land values and rents may vary widely within a state, so check local markets.
