The value of U.S. farmland rose 8.1% as of January 2014, according to USDA's Land Values Summary released this afternoon. The survey shows a land market that was still rising as of early 2014 before the reality of lower corn, soybean and wheat prices resulted in some weakening in land values this year.
USDA pegs the average value of an acre of U.S. farmland, including buildings as well as real estate, reached an average price of $2,950 an acre. The Northern Plains report the strongest increase with a 16.3% rise while the Southeast regions reports the smallest gain at just 1.1%. The highest farm real estate values are in the Corn Belt region at $6,370 per acre while the Mountain region had the lowest farm real estate value at $1,070 per acre.
The value of U. S. cropland rose by $290 per acre, 7.6%, to $4,100 per acre from the previous year. In the Northern Plains region, the average cropland value increased 13.6% from the previous year. However, in the Mountain region, cropland values decreased by 5.1%.
U.S. pasture values increased to $1,300 per acre, or 11.1%, above 2013. The Southeast region had the smallest percentage increase in pasture value, 0.5% above 2013. The Northern Plains had the highest increase at 26.5%.
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