The U.S. farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023. That’s up $280 per acre, or 7.4 percent, from 2022. Indiana’s farm real estate value averaged $9,100 per acre, up 13.8% from the previous year.
The U.S. cropland value averaged $5,460 per acre, an increase of $410 per acre, or 8.1 percent, from the previous year. Indiana’s cropland value jumped 8.4% from the previous year to $8,400.
The U.S. pasture value averaged $1,760 per acre, up $110 per acre, or 6.7 percent from 2022.Indiana’s pasture value was $2,850 per acre, up over 5% from 2022.
Cropland cash rent in Indiana was $226 per acre in 2023, up $14 from the previous year.
Among other notable state-level data, the NASS Iowa Field Office says that “Cropland cash rent paid to Iowa landlords in 2023 averaged $269 per acre. Non-irrigated cropland rent averaged $269 per acre, while irrigated cropland averaged $271 an acre, $13 and $19 higher, respectively, compared to last year. Cropland was valued at $10,100 per acre, $750 higher than 2022.
Source: NAFB News Service