Agricultural land values have increased for the fourth consecutive year, rising 5% in 2024, or $200 per acre, according to USDA.
The average value of U.S. farm real estate has increased to $4,170 per acre, according to the USDA's Land Values report. This follows a 6.7% rise between 2022 and 2023.
Cropland values have reached record levels, rising to $5,570 per acre, a 4.7% gain from 2023, which is a notable slowdown from the 8.1% jump in 2022, say American Farm Bureau Federation economists.
Cash rent values for cropland also saw an uptick in 2024, climbing 3.2% to a record $160 per acre, while pastureland rents increased by 3.3% to $15.50 per acre. Irrigated cropland rents increased to $245 per acre, while non-irrigated cropland rents climbed to $146 per acre.
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"While those increases benefit landowners by enhancing their equity and their rental returns, it also puts farmers on a treadmill, forcing them to cover ever-rising costs for purchased or rented land," said AFBF economist Daniel Munch.
Land values vary significantly by region. California ($17,330), New Jersey ($16,300) and Florida ($10,170) hold the highest average cropland values in the United States.
States like Tennessee, Ohio, Florida and Kentucky posted significant gains in cropland values, while some states, such as Wyoming and Montana, saw declines.
Pastureland values also have posted gains this year, averaging $1,830 per acre, a 5.2% increase from 2023.
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