It’s Great Farm Real Estate when Land Values Hold Their Own
United States farm real estate values measure the value of all land and buildings on farms. Even as we account for the past 15 years of growth, USA agricultural land values continue to march up. Increasing about $70 per acre year over year from 2016 to 2017 when they averaged $3,080 per acre. Other research breaks it down further to cropland and pastureland. Cropland goes for more than pastures.
United States Farm Real Estate Values
According to the USDA Summary (August 2017), farm real estate fetched an average of $1,270 per acre in 2003 and stepped up to $3,080 per acre in 2017. Cropland values are even higher. In 2003, the average acre sold for $1,660 and in 2017 it was up to $4,090. Average pasture values increased as well, from $605 to $1,350 per acre.
Regional Differences
Land values vary depending on the state and region. Imagine the overall variance. We saw an 8.7 percent increase in the Pacific region, 1.8 percent decrease in the Northern Plains region. The Corn Belt faired best while the Mountain region suffered. The United States cropland value remained unchanged even as values in the Southern Plains increased 6.0 percent. Pasture value in the USA increased $20 an acre from 2016 to 2017, with the highest increase in the Delta region (2.9 percent).
Lamar Colorado Farm Region
Cruikshank Realty and Auctions services a broad area, leading out from our main offices in Lamar, Colorado and extending into the nearby neighboring states of Kansas, Oklahoma, Texas, and New Mexico. Here are some stats of average values per acre for these states:
- Colorado, per acre: Farm Real Estate $1430; Pasture Value $760; Cropland $1920
- Kansas, per acre: Farm Real Estate $1850; Pasture Value $1280; Cropland $1970
- Oklahoma, per acre: Farm Real Estate $1900; Pasture Value $1470; Cropland $1740
- Texas, per acre: Farm Real Estate $2090; Pasture Value $1650; Cropland $2010
- New Mexico, per acre: Farm Real Estate $530; Pasture Value $360; Cropland $1480
What Buyers Need to Know
Statistics only tell a general story. Buyers need to know details about properties that not only fit your budget but will enable you to reach your goals. It’s the one best farm investment that’s best for you. Local farming experts can guide you to that specific farm or ranch. Prices are holding their own and it’s time to make that great farm investment.
Real Estate Agents Specializing in Colorado Land, Farms and Ranches
For more information about farms in the Lamar, Colorado region, please call Gene Cruikshank, Broker/President, Cruikshank Realty at (719) 336-7802 and 20 S. Main Street, Lamar, CO 81052.
Schedule an appointment or stop in to Cruikshank Realty to find out why we specialize in Farm and Ranch Real Estate Sales, Management, Auctions, and Exchanges.