Aerial Corn Soybeans SunsetLast year, analysts predicted 2023 would result in farmland prices finally tapering off or even declining. While the prediction has not come to fruition, the land market shows resiliency. In October of this year, the average value of U.S. cropland was $5,460 per acre, 8% higher than in 2022. According to USDA data, pastureland values averaged $1,760 per acre, $110 higher than in 2022 and a whopping 66% increase since 2009.

Despite the climb, not all land is bringing in record amounts. The general theme of farmland values is that producers are willing to pay a large sum more for land that is productive or valuable in another way due to location or topography. Land that has poor drainage, subpar soils or other issues is being sold at significant discounts.

Read more on farmland values here.