USDA Reports on 2023 Nebraska Land Values and County-level Cash Rent Estimates
Survey findings from the USDA-National Agricultural Statistics Services (USDA-NASS) estimated that Nebraska farm real estate value, including all agricultural land and buildings, in 2023 increased by 13.1% to an average of $4,240 per acre. The year-over-year increases mark an increase of $490 for this annual period (USDA-NASS 2023a). Kansas and New Jersey lead the nation for the highest rates of increase in the market value of farmland at 16.3% and 14.9% for market value averages of $3,060 and $17,700 per acre. Nebraska marked the fifth-highest percentage increase for rising farm real estate when ranked against the other states.
Cropland values in Nebraska reported the third-highest increase in the nation at 13.8% to an average of $6,830 per acre. New Jersey also reported an annual gain of 13.8% to an average of $18,100 per acre. Kansas led the country with a rise of 16.6% to a new average of $3,440 per acre (USDA-NASS 2023a). Many of the cropland purchases capitalized on the high commodity prices across the major grain-producing regions of the United States. Monetary policies gradually increased the cost of financing land purchases during 2023 to combat inflationary pressures. Rising interest rates, input expenses, and commodity prices backing off near record price levels may weigh down on future cropland values unless offset by increasing farm profitability.