United States Agricultural Land Values Agriculture · March 2000 1 NASS, USDA Average Farm Real...

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Agricultural Land Values

March 2000

Agricultural Land Values Agricultural Statistics BoardMarch 2000 1 NASS, USDA

Average Farm Real Estate Values Continue Upward

The U.S. farm real estate value, including all land and buildings, averaged $1,050 per acre onJanuary 1, 2000, up 2.9 percent from January 1, 1999. The $30 per acre increase in farm real estatevalue during 1999 continued the climb that began in 1987. However, the 2.9 percent increase is thesmallest percentage gain since 1992. The overall increase was slowed by cropland values whichrose only 2.1 percent during 1999. Cropland values had been increasing recently by more than 5 percent a year. January 1, 1999 farm real estate values were revised upward to $1,020 based oncurrent year survey results and additional administrative data which continued to support increasingland values but at a slowing rate.

Regional increases in values of farm real estate during 1999 ranged from 0.5 to 8.5 percent. TheSoutheast and Lake regions, at $1,920 and $1,490 per acre, showed the largest percentage gainsfrom last year, at 8.5 and 7.2 percent, respectively. All regions continued to post record highs withthe exceptions of the Southern and Northern Plains which have yet to surpass the highs reached inthe 1980's. The Northeast Region with its urban influences had the highest average value of farmreal estate at $2,470 per acre. While the Mountain region with its extensive pasture and rangelandhas the lowest value at $440 per acre.

During the 1990's the U.S. average farm real estate value increased 65 percent for an average of 6.5 percent a year. The Lake region produced the largest gain, climbing 76.7 percent from $843 in1990 to $1,490 in 2000. The Southern Plains had the smallest gain during the decade, up 25.2 percent, and increasing from $504 to $631 per acre.

The average value of cropland in the U.S. rose 2.1 percent to a value of $1,440 per acre. The largestpercentage increases, at 7.6 and 7.5 percent, were in the Southeast and Lake Regions, respectively. In the Corn Belt cropland values began to show the impact of low commodity prices by decreasing1.0 percent. Cropland values were highest in the Pacific region at $3,460 per acre and lowest in theNorthern Plains at $668 per acre. Cropland values varied widely across States as each Stateconfronts different circumstances. Cropland values dropped in Illinois, Indiana, and Iowa, with lowcommodity prices being one of the major factors. The impact of urban influences in States such asMichigan, Wisconsin, and Georgia resulted in continued above average gains in cropland values. California’s increasing vineyard acreage is one reason for it’s continued climb in cropland value.

Pasture average value per acre for the U.S. increased 2.8 percent, with most States going up. TheMountain and Southern Plains accounting for half of the pastureland in the U.S. both showedincreases close to 2 percent. Pasture values were highest in the Northeast, at $2,090 per acre, andlowest in the Northern Plains at $231 per acre.


Farm Real Estate: Average Value per Acre, by Regionand State, January 1, 1996-00

State 1996 1997 1998 1999 2000 Change99-00

Dollars Dollars Dollars Dollars Dollars Percent

Northeast: CT DE ME MD MA NH NJ NY PA RI VTLake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 1

CO ID MT NV 1

NM 1

UT 1

WYPacific: CA OR WA

48 Sts

2,2205,9502,5501,1503,1105,1002,2507,1001,2602,2706,5001,4901,1301,4201,0301,1301,5101,9001,7401,450

9501,820

463553610383310

1,5501,3001,9001,5301,840

9801,5801,3202,1501,3601,3601,0201,0101,180

917541547540383880558900289332212740206

1,6702,400

9281,120

887

2,2405,9502,5801,1703,1505,1502,2507,1001,2502,3006,5001,5001,2001,5301,0901,1701,6101,9801,8701,6001,0101,890

481565620390325

1,6301,3502,0001,6501,8801,0501,6301,3602,2001,4301,4001,0701,0701,190

980557570554399920590960291366215780215

1,7302,500

9601,160

926

2,2805,9502,6601,1903,1805,2102,2507,0001,2802,3906,5001,5201,2801,6701,1601,2401,7302,1302,0601,7001,0702,040

499577645401348

1,7201,4502,0801,8101,9201,0901,7001,4402,2401,5101,4801,1301,1501,2101,050

596610593415987618

1,020294392217807222

1,7802,610

9601,190

974

2,3706,3002,7501,2003,3005,5002,2507,0001,3402,5006,5001,5701,3901,8501,2301,3701,8302,2502,2201,7701,1302,220

510580670406360

1,8401,5302,2501,9502,0401,0701,7701,5202,2601,6301,5201,1801,2201,2101,100

613625610426

1,070630

1,090296420217855220

1,8702,7701,0001,190

1,020

2,4706,6002,8501,2103,5005,9002,3007,1001,4102,6206,5001,6401,4902,1001,2701,5001,8402,2202,2101,7501,1902,250

526590695415380

1,9401,5902,4002,1002,1301,0601,9201,6802,4001,8001,6001,2301,2501,2501,180

631634630440

1,140640

1,170300440215900235

1,8902,8501,0201,150

1,050

4.24.83.60.86.17.32.21.45.24.80.04.57.2

13.53.39.50.5

-1.3-0.5-1.15.31.43.11.73.72.25.65.43.96.77.74.4

-0.98.5

10.56.2

10.45.34.22.53.37.32.91.43.33.36.51.67.31.44.8

-0.95.36.81.12.92.0

-3.4

2.91 Excludes Native American Reservation Land.


Cropland: Average Value per Acre, by Regionand State, January 1, 1997-00

State 1997 1998 1999 2000 Change99-00

Dollars Dollars Dollars Dollars Percent

Northeast: DE MD NJ NY PA Oth Sts 1

Lake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 2

CO ID MT NV 2

NM 2

UT 2

WYPacific: CA OR WA

48 Sts

2,5902,5003,0508,5001,0202,6504,2601,1301,3601,0901,0401,7602,0701,9001,7001,0401,990

633649

1,020427456

1,7301,5001,8801,8301,8201,5401,6101,2003,2801,0601,090

956968

1,080821641553674904

3,700772

1,320458

1,7001,3302,300

7443,0305,0801,4301,340

1,270

2,6202,6203,1008,0001,0402,7404,2901,2201,4801,1601,1301,9102,2402,1001,8601,1302,150

648655

1,040440480

1,8301,6201,9501,9701,8801,6001,6701,2603,2301,1401,160

9961,0301,060

878667577701936

3,800809

1,370463

1,8501,3802,390

7773,1505,2601,4301,430

1,340

2,7002,7003,2007,8001,1002,8704,3601,3401,6701,2301,3002,0302,3702,2701,9301,1902,350

658659

1,080435491

1,9301,6302,1302,1001,9801,5701,7201,3203,1901,2501,2001,0301,0801,060

925681558728968

4,100833

1,420461

1,9001,4202,610

7813,3505,7001,5201,410

1,410

2,8202,8003,4007,9001,1603,0204,4901,4401,9201,2701,4502,0102,3202,2501,8901,2502,380

668666

1,110425510

1,9801,6302,3002,1501,9801,5001,8501,4603,3401,4001,2401,0601,0801,110

983708548770993

4,300852

1,490458

1,9001,3702,740

8153,4605,9601,5701,340

1,440

4.43.76.31.35.55.23.07.5

15.03.3

11.5-1.0-2.1-0.9-2.15.01.31.51.12.8

-2.33.92.60.08.02.40.0

-4.57.6

10.64.7

12.03.32.90.04.76.34.0

-1.85.82.64.92.34.9

-0.70.0

-3.55.04.43.34.63.3

-5.0

2.1

1 Includes: CT, ME, MA, NH, RI, and VT.2 Excludes Native American Reservation Land.


Pasture: Average Value per Acre, by Regionand State, January 1, 1997-00

State 1997 1998 1999 2000 Change99-00


Northeast: MD NJ NY PA Oth Sts 1

Lake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 2

CO ID MT NV 2

NM 2

UT 2

WYPacific: CA OR WA

48 Sts

1,9903,3009,100

5151,6303,910

486800360520756870

1,160615660

1,280206365200141155

1,5101,2102,0201,7201,780

8401,340

9901,4301,6501,220

955890

1,210860484361510219300320640190220150395150754

1,100400550

466

2,0303,3508,800

5301,7403,900

520890380550813940

1,270665700

1,410216367210144173

1,6001,3202,1001,8601,800

8601,4101,1001,4501,7701,340

971910

1,200890523395550231320335700197230160400160731

1,050400550

489

2,0603,4008,800

5501,7903,910

574980400630859

1,0001,400

660750

1,480222370220146180

1,7001,4002,2702,0001,900

8251,4901,1701,5001,9501,380

992960

1,160910533410560233340340780200250155400150729

1,050400540

503

2,0903,4008,900

5601,8203,990

6291,080

410720883

1,0401,440

650790

1,450231375230155190

1,8001,4502,4002,1502,050

8201,6001,3001,5702,1501,4501,0301,0001,1501,000

543415570241360345850205270150420160698

1,000405490

517

1.50.01.11.81.72.09.6

10.22.5

14.32.84.02.9

-1.55.3

-2.04.11.44.56.25.65.93.65.77.57.9

-0.67.4

11.14.7

10.35.13.84.2

-0.99.91.91.21.83.45.91.59.02.58.0

-3.25.06.74.3

-4.81.3

-9.3

2.81 Includes: CT, DE, ME, MA, NH, RI, and VT.2 Excludes Native American Reservation Land.


Irrigated and Non-Irrigated Cropland: Average Value per Acre,by State, January 1, 1997-00 1

State 1997 1998 1999 2000 Change99-00


Corn Belt: MO Cropland Irrigated Non-Irrigated

Northern Plains: KS Cropland Irrigated Non-Irrigated NE Cropland Irrigated Non-Irrigated SD Cropland Irrigated Non-Irrigated

Southeast: FL Cropland Irrigated Non-Irrigated GA Cropland Irrigated Non-Irrigated

Delta States: AR Cropland Irrigated Non-Irrigated LA Cropland Irrigated Non-Irrigated MS Cropland Irrigated Non-Irrigated

Southern Plains: OK Cropland Irrigated Non-Irrigated TX Cropland Irrigated Non-Irrigated

Mountain: AZ Cropland Irrigated CO Cropland Irrigated Non-Irrigated

1,0401,6001,000

649990615

1,0201,500

775456710451

3,2804,1001,5501,0601,2301,020

9681,070

8801,080

9201,120

821964780

553800540674800540

3,7003,700

7721,500

380

1,1301,6701,090

6551,010

6201,0401,510

799480810473

3,2304,0001,6001,1401,2901,110

1,0301,140

9401,060

9281,100

8781,010

840

577810564701780564

3,8003,800

8091,580

395

1,1901,8201,150

6591,020

6231,0801,550

840491770485

3,1903,9501,6001,2501,3801,220

1,0801,1801,0001,060

9901,080

9251,080

880

558790545728830545

4,1004,100

8331,600

420

1,2501,9001,210

6661,030

6301,1101,580

860510740505

3,3404,1201,6801,4001,5001,380

1,0801,190

9801,1101,0601,120

9831,100

950

548780535770880535

4,3004,300

8521,600

450

5.04.45.2

1.11.01.12.81.92.43.9

-3.94.1

4.74.35.0

12.08.7

13.1

0.00.8

-2.04.77.13.76.31.98.0

-1.8-1.3-1.85.86.0

-1.8

4.94.92.30.07.1

--continued


Irrigated and Non-Irrigated Cropland: Average Value per Acre,by State, 1997-00 1

State and Land Type 1997 1998 1999 2000 Change99-00


ID Cropland Irrigated Non-Irrigated MT Cropland Irrigated Non-Irrigated NV Cropland Irrigated NM Cropland Irrigated Non-Irrigated UT Cropland Irrigated Non-Irrigated WY Cropland Irrigated Non-Irrigated

Pacific: CA Cropland Irrigated Non-Irrigated OR Cropland Irrigated Non-Irrigated WA Cropland Irrigated Non-Irrigated

1,3201,700

660458

1,290340

1,7001,7001,3302,400

2472,3002,700

700744900220

5,0805,4001,8301,4302,000

9801,3403,200

790

1,3701,760

680463

1,310343

1,8501,8501,3802,490

2552,3902,800

730777940230

5,2605,6001,7001,4302,000

9801,4303,400

840

1,4201,820

730461

1,310340

1,9001,9001,4202,550

2602,6103,080

700781940245

5,7006,1001,5801,5202,1001,0501,4103,600

760

1,4901,900

770458

1,320335

1,9001,9001,3702,480

2452,7403,250

670815980260

5,9606,4001,4501,5702,1501,1001,3403,500

700

4.94.45.5

-0.70.8

-1.50.00.0

-3.5-2.7-5.85.05.5

-4.34.44.36.1

4.64.9

-8.23.32.44.8

-5.0-2.8-7.9

1 States not listed make all cropland estimates only.


Reliability of Data in this Report

Survey Procedures: The land value estimates in this report are based primarily on NationalAgricultural Statistics Service’s (NASS) area frame agriculture surveys. These surveys are basedon a probability area frame with a sample of approximately 16,948 segments or parcels of landwhich average approximately 1 square mile. Enumerators conducting the area survey contact allfarmers having operations within the sampled segments and collect land values for their operation. From these data, estimates are calculated.

Estimating Procedures: National, Regional, and State farm real estate, cropland, and pasturevalues were reviewed for reasonability and consistency. Each State Statistical Office submits theiranalyses to the Agricultural Statistics Board (ASB) which prepares the January 1 based estimates forpublication. NASS uses the Census of Agriculture which is conducted every 5 years to benchmarkfarm real estate values. For years between the census, annual percent changes in value from theArea Agriculture Surveys are calculated and those percentage changes are applied to the Censusbenchmark. Cropland and Pasture values are collected only on the Area Agriculture Surveys.

Revision Policy: Land Values are subject to revision the following year and following the five-yearCensus of Agriculture. The basis for revision must be supported by additional data that directlyaffect the level of the estimate.

Reliability: The survey used to make land value estimates are subject to sampling andnon-sampling type errors that are common to all surveys. Both types affect the "precision" of theestimates.

Sampling error occurs because a complete census is not taken. The sampling error measures thevariation in estimates from the average of all possible samples. Sampling errors cannot be applieddirectly to the values published in this report to determine confidence intervals since the officialestimates represent a composite of information from more than a single source.

An estimate of 100 with a sampling error of 1 would mean that chances are 19 out of 20 that theestimates from all possible samples averaged together would be between 98 and 102; which is thesurvey estimate, plus or minus two times the sampling error. The sampling error from the 1999 areaframe survey for U.S. land values was 3.1 percent while regional sampling errors were slightlyhigher.

Nonsampling errors can occur in complete censuses as well as sample surveys. They are caused bythe inability to obtain correct information from each person sampled, differences in interpretingquestions or definitions, and mistakes in coding or processing data. To minimize non-samplingerrors, vigorous quality controls are used in the data collection process and all data are carefullyreviewed for consistency and reasonability.

The United States Department of Agriculture (USDA) prohibits discrimination in all its programs on the basis of race,color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means forcommunication of program information (braille, large print, audiotape, etc.) should contact the USDA’s TARGETCenter at 202-720-2600 (voice and TDD).

To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building,14th and Independence Avenue, SW, Washington, D.C., 20250-9410, or call 202-720-5964 (voice or TDD). USDA isan equal opportunity provider and employer.

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There are two options for subscribing via e-mail. All NASS reports are available by subscription free of charge directto your e-mail address. 1) Starting with the NASS Home Page at http://www.usda.gov/nass/, click on Publications,then click on the Subscribe by E-mail button which takes you to the page describing e-mail delivery of reports. Finally, click on Go to the Subscription Page and follow the instructions. 2) If you do NOT have Internet access, sendan e-mail message to: [email protected]. In the body of the message type the word: list.

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