Farm Progress America, August 15, 2023Farm Progress America, August 15, 2023
Mike Pearson takes a look at the most recent farmland value survey released by the USDA.
August 15, 2023
Mike Pearson takes a look at the most recent farmland value survey released by the USDA and finds out how much land prices have increased.
The price of farmland has seen a 3-year climb. Farmers and investors have been busy buying up land as it has come up for sale. It's been a fight between the two because investors see the land as a stable place to invest.
The USDA-NASS released the 2023 summary last week and it showed a 7 1/2 percent increased from 2022. The average land price for land alone was $4,080 an acre.
The report also showed that 44 out of the lower 48 states has seen an increase in values. The only places to see no increase was in the southwest: Nevada, New Mexico and Arizona due to water woes. Delaware also showed no increase in value.
The NASS report also showed some states with an increase of 10 percent.
The states included: Kansas, North and South Dakota, Nebraska and Colorado. The only state in the corn belt with above a 10 percent increase was Indiana.
Farmland in Rhode Island sold for 18,000 an acre.
And in the three I's: Iowa, Illinois and Indiana reported selling land for $9,000 an acre.
Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.
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