As happens every August, the USDA released its Land Values Summary Report for 2022.
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, visit online at www.nass.usda.gov/Publications/Todays_Reports/reports/land0822.pdf.
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 at agrilife.org/texasaglaw/2022/05/08/2021-texas-rural-land-value-trends.
