The USDA Land Summary Report showed the value of all farm real estate, including buildings and other facilities, increased 5% from 2023. The real estate averaged $4,170 per acre. During this same time, cropland values increased 4.7% to $5,570 per acre. The average pasture value increased 5.2% to $1,830 per acre.

Cash rents for cropland averaged $160 per acre. Irrigated land averaged $245 per acre while dryland rents averaged $146 per acre.

Most states realized an increase in cropland value. The exceptions included Colorado, which dropped by 2.1%; Montana, which decreased by 0.8% and New Jersey, which fell 0.6%. The biggest winners were Tennessee with a 10.9% increase, and the Appalachian states with an 8.4% increase over last year.

States with the highest cash rents include:

  • Arizona, $343 an acre; $343 irrigated
  • Hawaii, $326 an acre; $452 irrigated
  • California, $335 an acre; $484 irrigated
  • Iowa, $276 an acre; $271 irrigated
  • Illinois, $269 an acre; $277 irrigated
  • Washington, $234 an acre; $442 irrigated
  • Nebraska, $223 an acre; $281 irrigated
  • Indiana, $231 an acre; $288 irrigated
  • Idaho, $206 an acre; $276 irrigated
  • Minnesota, $200 an acre; $214 irrigated

Read more from the latest USDA Land Summary Report here.