The current value of 2022 U.S. cropland is estimated at an average of $5,050 per acre, according to USDA. Since 2014, that value had stayed roughly around $4,000 per acre until 2021, when it increased to just $630 shy of this year’s value. U.S. pasture values average $1,650 per acre, an increase of $170 from last year.

The top three states for highest cropland values include New Jersey ($15,900 per acre), California ($15,410) and Iowa ($9,350). Strong land prices from late last year have continued or even higher through the first half of 2022, even after a calm start to the first part of the year.

According to Iowa-based Hertz Farm Management, three major factors driving the farmland market have begun to shift. Those factors include grain prices, interest rates and farmer buyers.

Read more on cropland values here.