U.S. farmland with buildings averaged $2,650 per acre in 2011up 10.9 percent from 2010. The National Ag Statistics Service says Iowa had the highest farmland value in the cornbelt/Midwest last year at $7,000 while Nebraska had the largest percentage increase, 33.5 percent over 2010. New Jersey has the highest farmland value in the continental U.S. at $12,200 which is actually 3.9 percent below a year ago.
U.S. Cropland averaged $3,550 per acre in 2011 up 14.5 percent from 2010. Here again Nebraska with the biggest percentage increase up 35.8 percent. Iowa had the most valuable cropland in the cornbelt averaging $7,300 per acre while New Jersey had the highest price in the continental U.S. at $12,300 per acre.
Pastureland in the contiguous 48 states averaged $1.150 per acre in 2011 up 4.5 percent from 2010. Ohio had the highest pastureland value in the cornbelt/Midwest at $3,200 per acre while South Dakota saw the biggest increase at 25.5 percent. Pastureland in New Jersey sold for an average $13,500 last year.
By region, farmland increased the most in the Northern Plains states up 26.7 percent. The Cornbelt saw an 18.3 percent increase, the Lakes States were 14.5 percent higher, the Northeast increased 1.9 percent and the Appalachian States increased 1.1 percent. One note of interest, farmland values in the Northeast are still $200 below what they were in 2008, cropland is $330 below 2008.
Cropland values increased just 1.3 percent in the Northeast last year, Appalachia increased 4.5 percent, the Lakes States added 16.9 percent, Cornbelt up 18.5 percent and the Northern Plains increased 30.4 percent.
The Northern Plains saw a 21.9 percent increase in pastureland value, Cornbelt increased 8.6 percent, Lakes States saw pastureland values 3.9 percent higher, the Northeast increased 0.6 percent and Appalachia decreased 1.5 percent.
Total value of farmland and buildings in the United States in 2011 was $2.1 trillion. Texas has the most valuable farmland and buildings $227.5 billion; California as $175.26 billion; Iowa $174.99 billion; Illinois $151.6 billion;
Read the full NASS Land Values Report here:
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