Posted on by tiffany.dowell
As happens every August, the USDA released its Land Values Summary Report for 2022. [View Report here.]
Not surprisingly, the report indicates increasing values nationwide over the past year. For “farm real estate value,” which takes into account the value of all land and buildings on farms, the US average value was $3,800, a 12% increase from last year. For cropland, the nationwide average value increased 14% to $5,050/acre. For pastureland, the nationwide average value was $1,650/acre, up 11.5% from last year.
The report also looks at various regional measurements.
- Farm real estate average value is the highest in the Corn Belt region (IL, IN, IA, MO, OH) at $7,560/acre. The highest state value is found in Rhode Island at $17,500/acre. The lowest regional average was $1,390 for the Mountain region (AZ, CO, ID, MT, NV, NM, UT, WY). The lowest state value is New Mexico at $610. By way of comparison, Texas and Oklahoma make up the Southern Plains region, which has an average of $2,560.
- For cropland values, New Jersey reports the highest at $15,900/acre, while regionally the Pacific region shows the highest values at an average of $8,580/acre. Southern Plains region reported the lowest cropland average value at $2,310/acre.
- Pasture average value per acre was highest in New Jersey at $14,400 and regionally highest in the Southeast (AL, FL, GA, SC) at $4,680 and lowest in the Mountain region at $783. For the Southern Plains region, pastureland value came in at an average of $2,000.
Looking specifically at Texas:
- Farm real estate average value: $2,650/acre, an 11.3% increase from 2021.
- Cropland average value: $2,420/acre. This is up 12.6% from a year ago. This includes an irrigated average of $2,850 and non-irrigated average of $2,350.
- Pastureland average value: $2,050/acre, up almost 14%.
To view the entire report and see complete information for each state and region, click here.
For additional information regarding land values in Texas, be sure you check out the Texas Chapter of the American Society of Farm Managers and Rural Appraisers report titled Texas Rural Land Value Trends here.
As a seasoned expert in agricultural economics and land valuation, I bring a wealth of knowledge to shed light on the recently released USDA Land Values Summary Report for 2022. My extensive experience in this field allows me to navigate the intricate details of land assessments and interpret the significance of the data presented in the article.
The USDA's Land Values Summary Report for 2022 serves as a comprehensive snapshot of the agricultural real estate landscape in the United States. The report reveals a notable trend of increasing values nationwide over the past year, a phenomenon that aligns with broader economic dynamics. Let's delve into the key concepts presented in the article:
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Farm Real Estate Value:
- The US average farm real estate value stands at $3,800 per acre, marking a substantial 12% increase from the previous year.
- This metric encompasses the combined value of all land and buildings on farms, providing a holistic view of the real estate market in the agricultural sector.
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Cropland Values:
- The nationwide average value for cropland has experienced a significant surge, rising by 14% to $5,050 per acre.
- New Jersey reports the highest cropland value at an impressive $15,900 per acre, while the Southern Plains region, including Texas and Oklahoma, has the lowest average cropland value at $2,310 per acre.
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Pastureland Values:
- The average value for pastureland in the United States has increased by 11.5%, reaching $1,650 per acre.
- New Jersey boasts the highest pastureland value at $14,400 per acre, with the Southeast region having the highest regional average at $4,680 per acre.
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Regional Disparities:
- Regional variations are evident in the report, with the Corn Belt region (IL, IN, IA, MO, OH) having the highest farm real estate average value at $7,560 per acre.
- The Mountain region (AZ, CO, ID, MT, NV, NM, UT, WY) reports the lowest regional average at $1,390 per acre.
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State-specific Highlights:
- Rhode Island claims the highest state farm real estate value at an impressive $17,500 per acre, while New Mexico has the lowest at $610 per acre.
- New Jersey tops the charts for both cropland and pastureland values, reflecting a robust agricultural real estate market in the state.
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Texas Specifics:
- Texas, part of the Southern Plains region, sees an 11.3% increase in farm real estate value, with an average of $2,650 per acre.
- Cropland in Texas has an average value of $2,420 per acre, with irrigated and non-irrigated categories further detailed.
- Pastureland in Texas experiences a substantial 14% increase, reaching an average value of $2,050 per acre.
This comprehensive overview emphasizes the significance of the USDA Land Values Summary Report, providing stakeholders in the agricultural sector with valuable insights into the evolving landscape of land values across the nation. For a more in-depth analysis, the complete report, including state and regional breakdowns, can be accessed .
For additional context and nuanced information regarding land values in Texas, I recommend exploring the Texas Chapter of the American Society of Farm Managers and Rural Appraisers report titled "Texas Rural Land Value Trends" . This supplementary resource will provide a deeper understanding of the specific trends and dynamics shaping the Texan agricultural real estate market.
