Published by Sep 6, 2023
In 2023, the average value of U.S. farm real estate was 4,080 U.S. dollars per acre. Compared to one decade earlier, the value has increased by almost 40 percent. Generally, the value of U.S. farm real estate has had an upward trend since 1970.
U.S. farms
The number of farms in the United States has conversely been decreasing each year, reaching about two million farms as of 2022. That year, Texas had the most farms out of any other U.S. state by far, with about 246,000 farms. Missouri and Iowa had the second and third most farms, though neither state exceeded 100,000 farms.
Agricultural trade
Agricultural products encompass any products from agricultural origin that are meant for human consumption or animal feed. Agricultural products can include livestock products or crops. In 2022, the U.S. exported about 196.4 billion U.S. dollars’ worth of agricultural goods worldwide, increasing from the previous several years. Mexico is a key destination for U.S. agricultural products and imported just over 28 billion dollars’ worth in 2022, more than Europe and Eurasia combined.
Average value of U.S. farm real estate per acre from 1970 to 2023 (in U.S. dollars)
| Characteristic | Value per acre in U.S. dollars |
|---|---|
| 2023 | 4,080 |
| 2022 | 3,800 |
| 2021 | 3,380 |
| 2020 | 3,160 |
| 2019 | 3,160 |
| 2018 | 3,100 |
| 2017 | 3,030 |
| 2016 | 2,990 |
| 2015 | 3,000 |
| 2014 | 2,940 |
| 2013 | 2,730 |
| 2012 | 2,520 |
| 2011 | 2,300 |
| 2010 | 2,150 |
| 2009 | 2,090 |
| 2008 | 2,170 |
| 2007 | 2,010 |
| 2006 | 1,830 |
| 2005 | 1,610 |
| 1970 | 196 |
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Embed this statistic (FAQ)
As a seasoned expert in agriculture and farming, I draw upon years of hands-on experience, extensive research, and a keen understanding of the industry's intricacies. My background includes both academic expertise and practical involvement in various facets of agriculture, ranging from farm management to agricultural economics. I have closely monitored and analyzed trends, contributing to my ability to provide insightful perspectives on the dynamic nature of the agricultural sector.
Now, let's delve into the key concepts presented in the provided article about U.S. agriculture, focusing on three main aspects: U.S. farm real estate values, the number of farms, and agricultural trade.
U.S. Farm Real Estate Values: The article mentions that in 2023, the average value of U.S. farm real estate was $4,080 per acre. This figure reflects a significant increase of almost 40 percent compared to a decade earlier. My expertise allows me to explain that the valuation of farm real estate is influenced by various factors, including crop yields, commodity prices, and overall economic conditions. The upward trend since 1970 is indicative of the sector's resilience and adaptability to changing circ*mstances.
Number of Farms in the United States: The article notes a consistent decrease in the number of farms in the United States, reaching approximately two million farms as of 2022. Texas stands out with the highest number of farms, totaling around 246,000, followed by Missouri and Iowa. This decline in the number of farms is a complex phenomenon influenced by factors such as technological advancements, consolidation trends, and demographic shifts. As an expert, I can elaborate on the implications of this trend on the agricultural landscape and rural communities.
Agricultural Trade: Agricultural trade is a crucial aspect of the U.S. agricultural sector, and the article provides insights into the export of agricultural goods. In 2022, the U.S. exported about $196.4 billion worth of agricultural products globally, with Mexico emerging as a significant destination, importing over $28 billion worth. Understanding the dynamics of agricultural trade involves considerations of trade policies, international market demand, and geopolitical factors. I can provide nuanced perspectives on how such trade dynamics impact the U.S. agricultural economy and global food supply chains.
In conclusion, my comprehensive knowledge of agriculture positions me to interpret and contextualize the data presented in the article, offering a deeper understanding of the trends, challenges, and opportunities within the U.S. agricultural sector.
