According to the USDA National Ag Statistics Service, the United States farm real estate value averaged $2,900 per acre for 2013, up 9.4% from revised 2012 values.
Farm real estate is a measurement of the value of all land and buildings on farms.
The largest regional changes in the average value of farm real estate were recorded at a 23.1% increase in the Northern Plains region. The smallest change was recorded in the Southeast region, where no change occurred.
Overall, the Cornbelt region saw the highest total farm real estate values, coming in at $6,400 per acre. The Mountain region had the lowest farm real estate value at $1,020 per acre.
Value of crop land – land used to grow field crops, vegetables or hay – also saw an increase of $460 per acre, or 13%, to $4,000 per acre. In the Northern Plains and Corn Belt regions, the average cropland value increased 25% and 16.1%, respectively, from the previous year. However, cropland values decreased by 2.8% in the Southeast region.
The latest report also details change in average value per acre for irrigated and non-irrigated cropland by region.
Land that switches back and forth between cropland and pastureland, as well as Conservation Reserve Program land, is valued as cropland.
Pasture value increased much less dramatically than crop land values, to $1,200 per acre, or 4.3% above 2012. The Southeast region, however, had the largest percentage decrease in pasture value, 1.5% below 2012. The Northern Plains had the highest increase at 18.4%.
Results were based on June survey numbers collected by the USDA NASS. It used a probability-based land area sampling frame which included about 9,900 land areas averaging one square mile in size.
Read the full report, Land Values 2013 Summary.