Survey findings from the USDA-National Agricultural Statistics Service (USDA-NASS) estimated that the value of Nebraska farm real estate, which includes all agricultural land and buildings, increased by 6.8% in 2024, to an average of $4,080 per acre (Figure 1). The year-over-year changes reflect an increase of $260 for this annual period (USDA-NASS 2024a). Florida and Tennessee lead the nation with the highest growth rates in farmland market value at 13.4% and 10.7%, with average market values of $8,300 and $5,710 per acre, respectively. Nebraska ranks 13th for the percentage increase in farm real estate compared to other states in 2024.
Cropland values in Nebraska reported an increase of 6.3% to an average of $6,540 per acre. Tennessee topped the nation with an increase of 10.9%, reaching a new average of $5,610 per acre. Ohio ranked second with an annual rise of 9.7%, reaching an average of $9,270 per acre (USDA-NASS 2024a). Demand for cropland remained steady but had slowed due to moderating commodity prices and increasing production costs. Monetary policies kept the cost of financing land purchases high during 2024 as the Federal Reserve maintained measures to combat inflationary pressures. High interest rates and expenses for specific inputs, coupled with moderating commodity prices, may negatively impact future cropland values unless offset by rising farm profitability.
