The value of farmland is an important economic indicator for the agricultural business because it represents most farmers’ highest valued asset. In most cases, land/farm real estate values are used as collateral for farm loans, including borrowing for operations and capital expenses (equipment and buildings). Steady or rising farmland values along with low interest rates have been positive trends for farmers, particularly in light of lower commodity prices in the past several years.

Stable farmland prices have remained the one positive during these years of major challenges for U.S. farmers.

USDA’s Land Values report, which was updated in August, shows very little movement in the prices of cropland, pastureland or farm real estate in 2020 compared to 2019. According to the report, U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,160 per acre for 2020, no change vs. 2019. There was no change from 2019. U.S. cropland value that averaged $4,100 per acre. The value of pastureland averaged $1,400 per acre, no change from 2019.

That’s not to say there wasn’t any movement in farmland values in individual states or regions. Here’s a regional breakdown for highest increases and decreases, as well as highest and lowest farmland values in 2020. All data was sourced from USDA’s Land Values 2020 Summary, August 2020.

Northeast — Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $5,710 (+0.4%)

Highest farm real estate avg. value per acre                               Rhode Island     $16,000

Lowest farm real estate avg. value per acre                                Maine               $2,490

Biggest avg. increase in farm real estate value vs. 2019               Maine              +3.3%

Biggest avg. decrease in farm real estate value vs. 2019              New York          –3.1%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $6,070 (+0.5%)

Highest cropland avg. value per acre                                          New Jersey       $13,800

Lowest cropland avg. value per acre                                           New York          $2,800

Biggest avg. increase in cropland value vs. 2019                         Pennsylvania     +1.0%

Biggest avg. decrease in cropland value vs. 2019                         New York          –0.4%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $3,900 (+0.8%)

Highest pastureland avg. value per acre                                     New Jersey       $13,800

Lowest pastureland avg. value per acre                                      New York          $1,540

Biggest avg. increase in pastureland value vs. 2019                     Pennsylvania     +2.4%

Biggest avg. decrease in pastureland value vs. 2019                    New York          –0.7%

 

Lake States — Michigan, Minnesota, Wisconsin

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $4,860 (–0.8%)

Highest farm real estate avg. value per acre                               Michigan          $4,950

Lowest farm real estate avg. value per acre                                Minnesota        $4,840

Biggest avg. increase in farm real estate value vs. 2019               None                —

Biggest avg. decrease in farm real estate value vs. 2019              Wisconsin         –2.0%

                                               

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $4,730 (–0.6%)

Highest cropland avg. value per acre                                          Minnesota        $4,800

Lowest cropland avg. value per acre                                           Michigan          $4,480

Biggest avg. increase in cropland value vs. 2019                         None                —

Biggest avg. decrease in cropland value vs. 2019                         Wisconsin         –1.6%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $2,050 (–1.4%)

Highest pastureland avg. value per acre                                     Michigan          $2,600

Lowest pastureland avg. value per acre                                      Minnesota        $1,680

Biggest avg. increase in pastureland value vs. 2019                     Michigan          +0.4%

Biggest avg. decrease in pastureland value vs. 2019                    New York          –2.6%

 

Corn Belt — Illinois, Indiana, Iowa, Missouri, Ohio

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $6,110 (+0.2)

Highest farm real estate avg. value per acre                               Illinois              $7,400

Lowest farm real estate avg. value per acre                                Missouri           $3,400

Biggest avg. increase in farm real estate value vs. 2019               Illinois              +1.6%

Biggest avg. decrease in farm real estate value vs. 2019              Iowa                 –1.7%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $6,350 (–0.2%)

Highest cropland avg. value per acre                                          Illinois              $7,300

Lowest cropland avg. value per acre                                           Missouri           $3,530

Biggest avg. increase in cropland value vs. 2019                         Missouri           +1.1%

Biggest avg. decrease in cropland value vs. 2019                         Iowa                 –1.2%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $2,340 (+0.4%)

Highest pastureland avg. value per acre                                     Ohio                 $3,370

Lowest pastureland avg. value per acre                                      Missouri           $2,000

Biggest avg. increase in pastureland value vs. 2019                     Missouri           +1.0%

Biggest avg. decrease in pastureland value vs. 2019                    Indiana             –2.0%

 

Northern Plains — Kansas, Nebraska, North Dakota, South Dakota

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $2,120 (–2.3%)

Highest farm real estate avg. value per acre                               Nebraska          $2,790

Lowest farm real estate avg. value per acre                                North Dakota    $1,720

Biggest avg. increase in farm real estate value vs. 2019               None                —

Biggest avg. decrease in farm real estate value vs. 2019              Kansas              –3.1%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $2,740 (–1.8%)

Highest cropland avg. value per acre                                          Nebraska          $4,360

Lowest cropland avg. value per acre                                           North Dakota    $1,930

Biggest avg. increase in cropland value vs. 2019                         North Dakota    +0.5%

Biggest avg. decrease in cropland value vs. 2019                         Kansas              –3.7%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $1,080 (–0.9%)

Highest pastureland avg. value per acre                                     Kansas              $1,370

Lowest pastureland avg. value per acre                                      North Dakota    $790

Biggest avg. increase in pastureland value vs. 2019                     None                —

Biggest avg. decrease in pastureland value vs. 2019                    North Dakota    –3.7%

 

Appalachia — Kentucky, North Carolina, Tennessee, Virginia, West Virginia

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $4,140 (+1.5%)

Highest farm real estate avg. value per acre                               North Carolina  $4,670

Lowest farm real estate avg. value per acre                                North Dakota    $2,700

Biggest avg. increase in farm real estate value vs. 2019               Tennessee        +2.8%

Biggest avg. decrease in farm real estate value vs. 2019              Virginia             –0.6%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $4,240 (+1.2%)

Highest cropland avg. value per acre                                          Virginia             $4,680

Lowest cropland avg. value per acre                                           West Virginia    $3,270

Biggest avg. increase in cropland value vs. 2019                         Kentucky          +2.3%

Biggest avg. decrease in cropland value vs. 2019                         Virginia             –0.8%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $3,550 (+0.3%)

Highest pastureland avg. value per acre                                     North Carolina  $4,780

Lowest pastureland avg. value per acre                                      West Virginia    $2,150

Biggest avg. increase in pastureland value vs. 2019                     West Virginia    +1.4%

Biggest avg. decrease in pastureland value vs. 2019                    North Carolina  –0.6%

 

Southeast — Alabama, Florida, Georgia, South Carolina

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $4,120 (+0.7%)

Highest farm real estate avg. value per acre                               Florida              $5,900

Lowest farm real estate avg. value per acre                                Alabama           $3,150

Biggest avg. increase in farm real estate value vs. 2019               South Carolina  +2.9%

Biggest avg. decrease in farm real estate value vs. 2019              Florida              –0.8%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $4,180 (+1.5%)

Highest cropland avg. value per acre                                          Florida              $7,190

Lowest cropland avg. value per acre                                           South Carolina  $2,830

Biggest avg. increase in cropland value vs. 2019                         Georgia             +3.4%

Biggest avg. decrease in cropland value vs. 2019                         Florida/S. Carolina         –0.0%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $4,230 (+1.2%)

Highest pastureland avg. value per acre                                     Florida              $5,400

Lowest pastureland avg. value per acre                                      Alabama           $2,600

Biggest avg. increase in pastureland value vs. 2019                     Georgia             +2.4%

Biggest avg. decrease in pastureland value vs. 2019                    Alabama           +0.4%

 

Delta States — Arkansas, Louisiana, Mississippi

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $3,130 (+1.0%)

Highest farm real estate avg. value per acre                               Arkansas           $3,350

Lowest farm real estate avg. value per acre                                Mississippi        $2,820

Biggest avg. increase in farm real estate value vs. 2019               Louisiana          +1.3%

Biggest avg. decrease in farm real estate value vs. 2019              Mississippi        +0.7%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $2,960 (+1.4%)

Highest cropland avg. value per acre                                          Mississippi        $3,100

Lowest cropland avg. value per acre                                           Arkansas           $2,880

Biggest avg. increase in cropland value vs. 2019                         Louisiana          +1.7%

Biggest avg. decrease in cropland value vs. 2019                         Arkansas           +1.1%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $2,650 (+1.1%)

Highest pastureland avg. value per acre                                     Louisiana          $2,870

Lowest pastureland avg. value per acre                                      Mississippi        $2,450

Biggest avg. increase in pastureland value vs. 2019                     Arkansas           +1.5%

Biggest avg. decrease in pastureland value vs. 2019                    Mississippi        +0.8%

 

Southern Plains — Oklahoma, Texas

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $2,110 (+1.9%)

Highest farm real estate avg. value per acre                               Texas                $2,170

Lowest farm real estate avg. value per acre                                Oklahoma         $1,890

Biggest avg. increase in farm real estate value vs. 2019               Texas                +2.4%

Biggest avg. decrease in farm real estate value vs. 2019              Oklahoma         +1.1%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $1,930 (+3.8%)

Highest cropland avg. value per acre                                          Texas                $2,030

Lowest cropland avg. value per acre                                           Oklahoma         $1,690

Biggest avg. increase in cropland value vs. 2019                         Texas                +5.2%

Biggest avg. decrease in cropland value vs. 2019                         Arkansas           +1.2%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $1,640 (+1.2%)

Highest pastureland avg. value per acre                                     Texas                $1,680

Lowest pastureland avg. value per acre                                      Oklahoma         $1,480

Biggest avg. increase in pastureland value vs. 2019                     Oklahoma         +1.4%

Biggest avg. decrease in pastureland value vs. 2019                    Texas                +1.2%

 

Mountain — Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $1,240 (+1.6%)

Highest farm real estate avg. value per acre                               Arizona             $3,850

Lowest farm real estate avg. value per acre                                Wyoming          $750

Biggest avg. increase in farm real estate value vs. 2019               Idaho                +3.7%

Biggest avg. decrease in farm real estate value vs. 2019              Nevada             –2.0%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $2,010 (+1.5%)

Highest cropland avg. value per acre                                          Arizona             $7,650

Lowest cropland avg. value per acre                                           Montana          $1,030

Biggest avg. increase in cropland value vs. 2019                         Idaho                +3.6%

Biggest avg. decrease in cropland value vs. 2019                         Montana          –1.0%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $687 (+0.6%)

Highest pastureland avg. value per acre                                     Idaho                $1,610

Lowest pastureland avg. value per acre                                      New Mexico     $420

Biggest avg. increase in pastureland value vs. 2019                     Idaho                +3.2%

Biggest avg. decrease in pastureland value vs. 2019                    None                —

 

Pacific — California, Oregon, Washington

2020 Avg. Farm Real Estate Values

Avg. farm real estate value per acre (+/– vs. 2019)                      Region              $5,910 (+0.2%)

Highest farm real estate avg. value per acre                               California          $10,000

Lowest farm real estate avg. value per acre                                Oregon             $2,530

Biggest avg. increase in farm real estate value vs. 2019               Oregon             +1.2%

Biggest avg. decrease in farm real estate value vs. 2019              Washington      –2.1%

 

2020 Avg. Cropland Values

Avg. cropland value per acre (+/– vs. 2019)                                Region              $7,240 (+1.5%)

Highest cropland avg. value per acre                                          California          $12,900

Lowest cropland avg. value per acre                                           Washington      $2,610

Biggest avg. increase in cropland value vs. 2019                         Oregon             +1.3%

Biggest avg. decrease in cropland value vs. 2019                         Washington      –0.8%

 

2020 Avg. Pastureland Values

Avg. pastureland value per acre (+/– vs. 2019)                            Region              $1,750 (—)

Highest pastureland avg. value per acre                                     California          $3,000

Lowest pastureland avg. value per acre                                      Oregon             $760

Biggest avg. increase in pastureland value vs. 2019                     Oregon             +1.3%

Biggest avg. decrease in pastureland value vs. 2019                    Washington      –3.4%

 

USDA Terms and Definitions

Farm: Any establishment from which $1,000 or more of agricultural products were sold or would normally be sold during the year. Government payments are included in sales.

Farm real estate value: The value at which all land and buildings used for agricultural production, including dwellings, could be sold under current market conditions, if allowed to remain on the market for a reasonable amount of time.

Cropland value: The value of land used to grow field crops, vegetables or land harvested for hay. Land that switches back and forth between cropland and pasture should be valued as cropland. Hay land, idle cropland and cropland enrolled in government conservation programs should be valued as cropland.

Pasture, grazing and grassland value: The value of land that is normally grazed by livestock. Pasture does not need to have livestock grazing on it at the time of interview or during the current year in order to be valued as pasture or grazing land.