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.
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