NEWS RELEASE - FOR IMMEDIATE RELEASE, July 5, 2023
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Cutline - graphic by Center for Agricultural Profitability
UNL Releases Final Farm Real Estate Market Survey Results
By Jessica Groskopf, Nebraska Extension agricultural economist
Jim Jansen, Nebraska Extension agricultural economist
UNL has released the final results of the Nebraska Farm Real Estate Market Survey. The survey revealed that the average value of agricultural land in Nebraska increased for the fourth consecutive year.
This article reviews the results for the Northwest District of Nebraska. The Northwest District includes Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Scotts Bluff, Sheridan, and Sioux Counties.
The average farmland value in the Northwest District of Nebraska is estimated to be $935 per acre, 13 percent higher than the prior year. In the Northwest District, dryland cropland saw the largest increase in value, rising 21 percent to an average of $905 per acre. Center Pivot Irrigated Cropland had the smallest percentage increase with a 7 percent change to $3,280 per acre.
UNL Farm Real Estate Survey Results, Average Reported Value of Nebraska Farmland for Different Land Types in Northwest Nebraska per Acre as of February 1, 2023, Percent Change from 2022
All Land Average, $935, +13%
Dryland Cropland (No Irrigation Potential), $905, +21%
Dryland Cropland (Irrigation Potential), $985, +15%
Gravity Irrigated Cropland, $2,760, +10%
Center Pivot Irrigated Cropland, $3,280, +7%
Grazing Land (Tillable), $735, +18%
Grazing Land (Nontillable), $575, +13%
Hayland, $930, +12%
Land industry professionals responding to the annual survey attributed the rise in Nebraska agricultural real estate values to current crop and livestock prices, purchases for operation expansion, the financial health of current owners, and as a hedge against inflation.
Cash farmland rental rates are also reported by the survey. Cropland rental rates in the Northwest District saw a 9 to 12 percent increase while grazing rates, both pasture per acre and cow-calf pair, saw a 7 percent increase over last year.
Reported Cash Rental Rates for Various Types of Nebraska Farmland and Pasture in Northwest Nebraska, Low-High Land Quality Range, 2023 Average, Percent Change from 2022
Reported per acre per year, unless otherwise noted
Dryland Cropland, $28- $49, Average: $37, +10%
Gravity Irrigated Cropland, $110-$185, Average: $145, +12%
Center Pivot Irrigated Cropland, $155-$230, Average $190, +9%
Pasture, $13- $20, Average: $15, +7%
Cow-Calf Pair (Per Pair, Per Month), $38.15- $51.95, $46.05, +7%
Land values and rental rates presented in this report are averages of survey participants’ responses by District. Actual land values and rental rates may vary depending upon the quality of the parcel and the local market for an area.
Final results are available online via the Nebraska Farm Real Estate website: https://cap.unl.edu/realestate
On July 13, a Center for Agricultural Profitability webinar will cover findings from the newly published report. It will cover the factors influencing current trends and offer the attendees the chance to have their questions answered. Register for this webinar at https://cap.unl.edu/webinars