Land Values report due to be released this week; trend shows continued increase in value for Midwestern farmlands

The United States Department of Agriculture is set to release the 2013 report of agricultural land values on August 2.

If trends continue as they have been for the past 10 years, then the value of agricultural land – especially in the Midwest region – will see a continuing increase.

The last published report released August, 2012, shows a marked increase in cropland values for the Corn Belt region ($5,560) nearly twice the national average ($2,650). The U.S.D.A defines the Corn Belt region as Iowa, Missouri, Illinois, Indiana and Ohio.

Meanwhile, agricultural land value in the Southeast region showed a slight decrease in value (7 percent), pasture values increased (4.5 percent) and Northern Plains showed the largest increased (21.9 percent). States in the Southeast region include Alabama, Georgia, Florida and South Carolina. And states in the Northern Plains region include North Dakota, South Dakota, Kansas and Nebraska.

From 2011 to 2012, the following states in the Midwest cropland increased in average value:

• Illinois: $6,800 (+17.2%)
• Indiana: $6,200 (+17.0%)
• Iowa: $7,300 (+23.7%)
• Kansas: $1,750 (+25.0%)
• Michigan: $4,230 (+11.1%)
• Minnesota: $4,050 (+24.6%)
• Missouri: $3,340 (+13.6%)
• Nebraska: $4,480 (+35.8%)
• Wisconsin: $4,230 (+7.1%)

From 2008 to 2012, the following regions’ cropland increased in average value:

• Northeast: -$330 (-5.90%)
• Lake: $1,010 (+32.79%)
• Corn Belt: $1,860 (+50.27%)
• Northern Plains: $1,080 (+84.38%)
• Appalachian: $20 (+0.54%)
• Southeast: -$870 (-19.86%)
• Delta: $420 (+23.33%)
• Southern Plains: $220 (+15.83%)
• Mountain: -$40 (-2.40%)
• Pacific: -$30 (-0.54%)
• United States: $790 (+28.62%)

Source:

• Land Values, 2012 Summary

Related Resources:

• Agricultural Land Values (2013 report will be available here)