Buying or Selling Land? 4 Farmland Data Trends You Need to Know
Farmland sales continue to steal the headlines. As prices records continue to be broken, keep some of these farmland trends in mind.
With 895 million acres of farmland nationwide in 2021, the average farm size was 445 acres, only slightly greater than the 440 acres recorded in the early 1970s, according to USDA.
The Number of U.S. Farms
After peaking at 6.8 million farms in 1935, the number of U.S. farms and ranches fell sharply through the early 1970s. Rapidly falling farm numbers in the mid-20th century reflect the growing productivity of agriculture and increased nonfarm employment opportunities.
Since then, the number of U.S. farms has continued to decline, but much more slowly. In 2021, there were 2.01 million U.S. farms, down from 2.20 million in 2007.
Texas Leads in Farm Count
The Lone Star State is home to 247,000 farms — more than any other state. Missouri is No. 2, with 95,000 farms. Third in line is Iowa, which is home to 84,900 farms.
Farm Real Estate Values on the Rise
Overall farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,380 per acre for 2021. That’s up $220 per acre, or 7%, from 2020.
Farm Scale and Sales
When broken down by economic sales class, farms in 2021 fall into these categories:
Sales Class: Percent of Farms
- $1,000 - $9,999: 9.3%
- $10,000 - $99,999: 20.8%
- $100,000 - $249,999: 14.7%
- $250,000 - $499,999: 14.3%
- $500,000 - $999,999: 15.4%
- $1,000,000 or more: 25.5%
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New Farmland Price Record: $25,000 Per Acre in Plymouth County, Iowa
