If you’ve ever tried to find prices for recently sold farmland online, you already know that finding it is nearly impossible. Whether it is an auction or a sold farmland listing, Buildable has developed the easiest online tool to view farmland sales data for the last 3 years. Tillable’s new search filters for recently sold farmland maps help customers make smart decisions with ease.
Yearbook of the USDA Area survey in June notes that farmland values started to increase in 1988 and have continued to increase except for the one-year declines in 2009 and 2016. However, after adjusting historical data for inflation, farmland values only started to rise in 1993 and averaged 1.3 percent below 2016 levels between 2016 and 2020. There are regional differences in both farmland value levels and growth trends . The USDA Economic Research Service examines trends in farmland values and assesses the impact of both macroeconomic factors (such as interest rates and alternative investment prices) and parcel-specific attributes (such as soil quality, government payments, rural comfort value and urban proximity). ). U.S. farmland values remained high in 2020, averaging $3,160 per acre, down a small 0.8 percent from 2019.
Current US farmland (2022) averages about $4,442 per acre with an average land value estimate of 4.4%. Regional agricultural real estate values vary widely due to differences in general economic conditions, local agricultural conditions, government policies and local geographic conditions affecting agricultural yields. For example, farmland real estate values in the Corn Belt are almost twice the national average, while farmland real estate values in the mountain region are less than half the national average. Agricultural real estate growth trends also vary by region. For example, between 2019 and 2020, inflation-adjusted farm real estate values fell in the Northern Plains (down 3.1 percent to $2,120) and the Lake States (down 1.6 percent to $4,860).
In contrast, agricultural real estate values rose in the Southern Plains (up 1.1 percent to $2,110) and the Mountain States (up 0.9 percent to $1,240). Between 2016 and 2020, farmland values rose the most in the Pacific States (11.3 percent) and fell the most in the Northern Plains (-10.0 percent). Farmland real estate values also vary according to agricultural use. Arable land retains a premium over pasture land because crop yields tend to be higher per acre. Between 2019 and 2020, average US farmland and rangeland values fell 0.8 percent to $4,100 and $1,400 per acre, respectively. The difference between the values for arable land and rangeland also varies by region. Farmland values are higher than pasture values in all regions except the Southeast. In the Pacific region, farmland was worth four times the value of pasture land in 2020 ($7,240 vs. $1,750). Since 2016, farmland values have increased the most in the Pacific States (6.5 percent), while in the Northern Plains (-11.7 percent). During the same period, rangeland values rose the most in the Southern Plains (3.5 percent) and fell the most in the Corn Belt (-6.2 percent).
The cheapest state to buy farmland is Montana, which averages $825 per acre, just ahead of Oklahoma, which costs about $1,209 per acre. North Dakota, Wyoming, Kansas, and Nevada are in the same price range for those who want to get the most bang for their buck. The most expensive state to build your farm in is New Jersey, averaging $13,153 per acre. California is second at $9,350 per acre, followed by Arizona, Delaware, Maryland and Florida in the $6,000 to $7,000 per acre range.
Farm rental prices by state reflect the cost of land as California continues to top the price list averaging $317 per acre. Maine is the cheapest state to rent farmland for as little as $10 per acre. Connecticut, Vermont, New Hampshire and Oklahoma are in the $20 to $30 per acre range. Rents measure the value of using land for agricultural production. Between 2019 and 2020, average farmland rents in the United States fell 1.5 percent to $139. Farmland rents rose the most in the Southeast (up 5.4 percent to $94 an acre) and the Delta States (up 2.8 percent to $115 an acre). Farmland rental prices fell the most in the Appalachian Mountains (down 2.7 percent to $101 an acre) and the Northeast (down 1.9 percent to $88 an acre).
One of the best and easiest ways to find farmland selling prices is this Tiltable organization online program. Tillable’s Farmland Sold Map now has a new search options filter to help you better find recently sold farms that interest you most. The radius search feature allows you to see sold farms within x miles of a central point on the map. Next time you’re looking for nearby yard sales, you can now filter by distance from a specific location on the map. Use the slider to search within 0-100 miles of your location and set up a pin on the map that creates a radius of all farms sold in that area. Click on individual farm sales to view details about the land and sale. You can easily drag the center of your map to a new location to find all local yard sales in the area.
You can also filter your search by distance, acreage, sale date, and soil rating. Additionally, your search URL can be shared by simply copying and pasting the link provided, so you can make sure your team, business, or family are all on the same page. If you’re looking to sell your farm, Tillable’s search tool will help sellers find the best market value. Try it today here.
Did you read?
A whole new world? Dealing with office space decisions in the current landscape by Andrew Flint.
3 ways you can excel as a leader in 2023 by Dr. Samantha Madhosingh.
The top topic your business should focus on in 2023 by Brittany Hodak.
5 Essential Factors in Finding Your New Business Path by Jon Hutson.
Follow the latest news live on CEOWORLD magazine and get news updates from across the United States and around the world. The views expressed are those of the author and not necessarily those of CEOWORLD magazine.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitterand Facebook.
Thank you for supporting our journalism. Subscribe here.
For media inquiries please contact: [email protected]